The Central Bank of Nigeria (CBN), has announced the formal engagement of the global finance technology firm, Bitt Inc., as the technical partner for the rollout of the digital currency e-Naira.
The selection of Bitt Inc. from among highly competitive bidders is hinged on the company’s technological competence, efficiency, platform security, and interoperability and implementation experience, CBN stated.
“In choosing Bitt Inc, the CBN relied on the company’s tested and proven digital currency experience, which is already in circulation in several Eastern Caribbean countries,” the bank’s director of corporate communications, Osita Nwanisobi, stated in a statement.
“Bitt Inc. was key to the development and successful launch of the central bank’s digital currency (CBDC), pilot of the Eastern Caribbean Central Bank (ECCB), in April 2021,” he said.
CBN listed the benefits of the digital currency to include increased cross-border trade, accelerated financial inclusion, cheaper and faster remittance inflows.
Others are easier targeted social interventions, as well as improvements in monetary policy effectiveness, payment systems efficiency, and tax collection.