Preparations for the unveiling of digital currency ( e-Naira) by the Central Bank of Nigeria (CBN) has commenced in earnest with the engagement of Bitt Incorporated, a Fintech company, as technical partner by apex bank.
This comes as CBN Governor, Mr. Godwin Emefiele, listed benefits of the proposed digital currency billed to take off before end of 2021, to 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.
A CBN’s statement by Mr. Osita Nwanisobi,
Director, Corporate Communications, confirmed the choice of the Fintech company as the e-Naira technical partner.
Project Giant, as the Nigerian CBDC pilot is known, has been a long and thorough process
for the CBN, with the bank’s decision to digitise the naira in 2017, following extensive
research and explorations.
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.
The CBN’s selection of Bitt Inc., from among highly competitive bidders, was hinged on the
company’s technological competence, efficiency, platform security, interoperability, and
implementation experience.
In choosing Bitt Inc, the CBN will rely 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 digital currency pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.
