By Emmanuel Nduka
Nigeria’s apex financial institution, the Central Bank of Nigeria (CBN) has announced the formal engagement of the global Fintech Company, Bitt Inc., as the Technical Partner for its digital currency, eNaira, which will launch on October 1.
Director, Corporate Communications of CBN, Osita Nwanisobi, made this known in a statement on Monday in Lagos.
Speaking in Abuja, CBN Governor, Godwin Emefiele said the apex bank’s selection of Bitt Inc. from among highly competitive bidders is hinged on the company’s technological competence, efficiency, platform security, interoperability and implementation experience.
“In choosing Bitt Inc, the CBN relied on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries.
“Bitt Inc. was key to the development and successful launch of the central bank’s digital currency (CBDC), pilot of the Eastern Caribbean Central Bank (ECCB), in April 2021,” he said.
Emefiele further listed the benefits of the CBDC to include: Increased cross-border trade, accelerated financial inclusion, cheaper, faster remittance inflows, easier targeted social interventions, improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
