Bitt Inc., a financial technology company, has been appointed technical partner by the Central Bank of Nigeria (CBN). Bitt will be working with the CBN’s digital currency project, e-naira. Bitt Inc. is expected to be a technical partnership and use its “technological competency and implementation experience” to assist the CBN in successfully launching the central bank digital currency (CBDC).
E-Naira Draft Guidelines
Shortly after reports that the central bank had issued draft guidelines for e-naira, the CBN announced the Barbados-based company as a new partner. To justify Bitt’s selection, Osita Nwanisobi, CBN’s communications director, praised fintech’s “tried and tested digital currency experience”.
These claims by Nwanisobi seem to be supported by Bitt’s statement that Please suggestThe contract was to conduct a CBDC pilot program for the Eastern Caribbean Central Bank. The contract was signed by the fintech company in 2019. In April 2021, ECCB launched its digital currency.
E-Naira, the cause of financial inclusion
According to Bitcoin.com News, CBN has set October 1, 2020 as the launch date of its CBDC. According to the central bank, this digital currency will increase financial inclusion and allow for faster and cheaper remittances. Apex Bank states that it expects enaira to improve cross border trade and the effectiveness its monetary policies.
If successful, the launch of the enaira by the CBN will mark the end of a plan almost four years in the making. The launch will also be celebrated by the CBN and Godwin Emefiele (anti-bitcoin governor), as an important victory.
CBN still has weeks to go before the launch of the enaira.
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