The Central Bank of Nigeria Governor, Godwin Emefiele, on Monday, in Abuja, announced that the apex bank has picked Bitt Inc, a global fintech company, as its technical partner for its digital currency, eNaira.
The Barbados-based startup led the development of the Eastern Caribbean Currency Union’s “DCash” — the first digital cash issued by a currency union central bank.
According to the CBN Governor, the Central Bank Digital Currency (CBDC) will increase cross-border trade, accelerated financial inclusion, cheaper, and faster remittances.
Also, it will enable targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.
The CBN announced in July that it will unveil the pilot scheme of eNaira by October 1, 2021.
Explaining the apex bank’s choice, Osita Nwanisobi, CBN’s spokesperson, in a statement, said the selection of Bitt Inc. from among highly competitive bidders was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.
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“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,” the statement reads.
“Bitt Inc. was key to the development and successful launch of the central bank digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 202I.”
According to the spokesperson, in line with the CBN’s decision to digitize the Naira in 2017, Project Giant, as the Nigerian CBDC pilot is called, has been a long and thorough process for the apex bank.
Nwanisobi noted that the CBN’s decision is in line with an infallible global trend in which more than 85 percent of central banks around the world are now contemplating adopting digital currencies in their countries.
He acknowledged the significant explosion in digital payments and the rise in the digital economy as being responsible for the global adoption of digital currencies.
