The Central Bank of Nigeria (CBN) has named fintech company Bitt Inc. as the technical partner for their e-naira digital currency project. As a technical partner, Bitt should use its “technological competence and implementation experience” to help the CBN successfully introduce the digital central bank currency (CBDC).
Draft E-Naira Directive
The Barbados-based company was revealed as a partner by the CBN shortly after the central bank reportedly published draft guidelines for the e-naira. In explaining Bitt’s choice, Osita Nwanisobi, CBN’s communications director, praised the fintech’s “tried and tested experience in the field of digital currencies”.
These Nwanisobi claims appear to be backed up by a statement posted on Bitt’s website suggesting that the fintech firm has signed a contract to run a CBDC pilot for Eastern Caribbean Central Bank (ECCB). The contract was signed in 2019 and in April 2021, the ECCB finally launched its digital currency.
E-naira and the financial inclusion cause
As previously reported by Bitcoin.com News, the CBN has set October 1, 2021 as the start date for its CBDC. The central bank insists that this digital currency will deepen financial inclusion and enable cheaper, faster transfers. Apex-Bank expects the e-naira to improve cross-border trade as well as the effectiveness of its monetary policy.
The introduction of the e-naira by the CBN – if successful – will mark the final culmination of a plan that began nearly four years ago. The launch is also seen as a major win for both the CBN and its anti-Bitcoin governor Godwin Emefiele.
Still, just weeks before launch, CBN needs to keep its fingers crossed that it has adequately prepared to ensure the e-naira is a success.
What do you think of CBN’s choice of a technical partner? Let us know what you think in the comments section below.
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