The Central Bank of Nigeria (CBN) has unveiled Bitt Inc, a global Fintech company as its official partner for its digital currency, named eNaira, which is due to be unveiled later in the year.
Godwin Emefiele, CBN governor, disclosed the development in Abuja, on Monday.
According to Emefile, the Barbados-based startup was selected out of several bidders due to the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.
“In choosing Bitt Inc, the CBN rely on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean Countries.
“Also, 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 2021,” Emefile said.
Emefiele also listed the benefits of the Central Bank Digital Currency (CBDC) to include increased cross-border trade, accelerated financial inclusion, cheaper, and faster remittances.
Others are 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,” he said.