Connect with us

Economy

CBN Selects Fintech Company To Kick-start Digital Currency

Published

on

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 e-Naira, which is due to be unveiled later in the year.

CBN disclosed this in Abuja by the Governor of the Central Bank, Mr. Godwin Emefiele, who 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.

Read Also: Osun 2022: Why Adeleke May Loss Again – Ex-lawmaker

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.

In choosing Bitt Inc, the CBN will rely on the company’s tested and proven digital currency
experience, which is already in circulation in several Eastern Caribbean Countries. 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.

BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

The Indelible Marks Of Oyetola

Click for more info about Amma’s Couture

Advertisement

Olaiya Flyover Inauguration

Trending