By Fola James
The Central Bank of Nigeria, CBN has approved renowned global fintech company, Bitt Inc., as the technical partner for its digital currency, eNaira, due to be unveiled later in the year.
CBN Governor, Godwin Emefiele, disclosed this in Abuja, adding that the country stands to gain immensely from digital currency.
According to him, the benefits include 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 systems efficiency, and tax collection.
Emefiele said the apex bank’s selection of Bitt Inc. from other bidders is based on the company’s technical competence and efficiency.
The company said on its website that it offers complete financial technology solutions for monetary authorities.
According to the apex bank Governor “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 stated that 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.
And “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 per cent of Central Banks are now considering adopting digital currencies in their countries,” Emefiele said.
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