Nigeria Announces Bitt Inc. As Technical Partner For eNaira Digital Currency Launch

Nigeria’s Central Bank has announced the formal engagement Bitt Inc. as its technical partner for the launch of its e-currency, the ”e-Naira”.

The Central Bank made this known in an official statement it issued on Monday and sighted by Exclusive Africa. In the press statement, the apex bank stated that the choice of the company followed a selection process from highly competitive bidders and its selection was based on the company’s competence, efficiency, platform’s security and interoperability as well as implementation experience.

The Central Bank plans to launch its own digital currency later this year following its barring of banks and financial institutions from dealing in or facilitating trade in cryptocurrencies.

According to the Central Bank Governor, Godwin Emefiele says the eNaira would operate as a wallet against which customers can hold existing funds in their bank account. In a statement on Monday, Emefiele said the currency would accelerate financial inclusion and enable cheaper and faster remittance inflows.

Barbados-based Bitt earlier this year led development of the Eastern Caribbean Currency Union’s “DCash”, the first digital cash issued by a currency union central bank.

Nigerians are however querying the thoughtfulness behind the decision to pick a foreign IT firm over numerous local companies who can deliver the same expertise. Many opine that this could have had a positive impact on youth development had the expertise been localized.