The Central Bank of Nigeria (CBN) has announced the engagement of Barbados-based global fintech company, Bitt Inc., as technical partner for Nigeria’s digital currency – eNaira – project.
The apex bank’s Director, Corporate Communications, Mr. Osita Nwanisobi, made this disclosure in a statement on Monday, stating that the Central Bank Governor, Mr. Godwin Emefiele, gave the hint about the bank’s collaboration with the fintech company on the digital currency initiative.
Emefiele was quoted as saying that the apex bank’s selection of Bitt Inc. from amongst other highly competitive bidders is hinged on the company’s technological competence, efficiency, platform security, interoperability and implementation experience.
The CBN’s Director stated: “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 added
Emefiele listed the benefits of the CBDC as including, increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows, easier targeted social interventions, improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
The apex bank governor further explained that the CBDC, known as “Project Giant”, had 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.
He clarified: “Given the significant explosion in the use of digital payments and the rise in the digital economy, the CBN’s decision follows an unmistakable global trend in which over 85 percent of Central Banks are now considering adopting digital currencies in their countries.”
