The Central Bank of Nigeria, CBN has formally engaged with global Fintech company, Bitt Inc., as its technical partner on the eNaira digital currency project.
The Governor of the CBN, Mr Godwin Emefiele had earlier revealed the new arrangement with Bitt Inc prior to the announcement by the Director, Corporate Communications.
In addition to that, Emefiele said that the Central Bank Digital Currency (CBDC) is remarkable for increasing “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.”
The CBN first announced the initiation and launch of a digital currency eNaira for Nigeria in July. The currency will enable the use of digital wallets to further ease the country of recurring cash transactions.
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CBN eNaira project with Bitt
The CBDC eNaira project which will see the CBN partnering with Bitt Inc is called the “Project Giant”.
The CBN stated in its statement that the eNaira project “has been a long and thorough process”.
Its decision to digitize the Naira stretches back to 2017 with the significant explosion in the use of digital payments and the rise in the digital economy.
The project it said, follows “extensive research and explorations.”
The statement further noted that the decision reflects an “unmistakable global trend” as more countries Central Banks’ are now considering adopting digital currencies in their countries.
CBN’s statement further cites the Eastern Caribbean Central Bank which was among the first to steer toward the use of CBDC in April 2021.
Being part of the development and successful launch of the first set of digital currencies, Bitt Inc was a highly competitive bidder.
Its selection by the CBN hinges on its technological competence, efficiency, platform security, interoperability, and implementation experience.
More so, the CBN said it is relying on Bitt’s tested and proven digital currency experience.