Business Economy
Why Central Bank of Nigeria Approved Bitt Inc As An eNaira Partner
The Central Bank of Nigeria (CBN) has announced he appointment of Bitt Inc., a global Fintech firm, as the Technical Partner for its digital currency, dubbed eNaira.
The eNaira will be unveiled later this year, this development was announced in Abuja by the Central Bank's Governor, Godwin Emefiele, who listed the benefits of the Central Bank Digital Currency (CBDC) as increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment system efficiency, and a reduction in the cost of doing business.
According to CBN Acting Director, Corporate Communication, Osita Nwanisobi, the Nigerian CBDC pilot, Project Giant, has been a long and thorough process for the CBN, with the Bank's decision to digitize the Naira in 2017 following extensive research and explorations.
"Given the significant increase in the use of digital payments and the rise of the digital economy, the CBN's decision follows an unmistakable global trend in which more than 85 percent of Central Banks are now considering adopting digital currencies in their respective countries.
Bitt Inc was chosen by the CBN from a pool of highly competitive bidders based on its technological competence, efficiency, platform security, interoperability, and implementation experience.
The CBN will rely on Bitt Inc's tested and proven digital currency experience, which is already in use in several Eastern Caribbean countries, in selecting the company. Bitt Inc. was instrumental in the development and successful launch of the Eastern Caribbean Central Bank's (ECCB) central bank digital currency (CBDC) pilot in April of this year.
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