Who Are Bitt Inc ? The Fintech Company Partnering with CBN


The Fintech Company Partnering with CBN

Bitt inc is a financial software company that catalyzes the transformation from traditional to digital currency systems, Bitt is headquartered in Bridgetown, Barbados .

There solutions are critical for the operationalization of CBDC and digital currencies for all ecosystem participants. The Bitt Digital Currency Management System (DCMS) enables central banks to efficiently deploy a CBDC of their own.

The corporation was founded by  Gabriel Abed, Oliver Gale in 2013, Industry specialization for bitt inc includes Blockchain, FinTech, Mobile Payments.

Bitt generates $5.2M in revenue, Bitt has historically raised $16.5M in funding, Bitt’s top competitors are FundsDLT, Calastone, Digital Asset.

The Central Bank announced plans to launch its own digital currency later this year after Nigeria barred banks and financial institutions from dealing in or facilitating transactions in cryptocurrencies in February.

Central Bank Governor Godwin Emefiele has said the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Nigeria’s central bank reported on Monday that it had selected Bitt Inc from “among highly competitive bidders” and will rely on it to actualize its naira digitization plans.  With over 100 bidders for the project made up of local and foreign potential partners but the CBN went with Bitt Inc. on the back of its experience by implementing this in 8 countries of the Eastern Caribbean Central Bank (ECCB).