CBN Chooses Technical Partner For Digital Currency Plan

The Central Bank of Nigeria (CBN) has announced the formal engagement of the global fintech company, Bitt Inc., as the technical partner for its digital currency, named eNaira, which is due to be unveiled later in the year.

The Governor of the Central Bank, Mr. Godwin Emefiele, while disclosing the development in Abuja listed the benefits of the Central Bank Digital Currency (CBDC) 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.

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 digitize 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 percent 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.