CBN appoints Bitt Inc as digital currency partner

The Central Bank of Nigeria announced it had selected Bitt as the technical partner for its digital currency, dubbed eNaira, which would be presented later this year.

This announcement has sparked the interest of people wishing to learn more about the company and how Nigerians would profit from it.

Bitt is a financial technology business that uses blockchain and distributed ledger technology to enable safe peer-to-peer transactions with seamless mobile money across Bitt’s software and mobile apps.

Bitts core objective is to develop payment systems for people, merchants, banks, and central banks that promote social inclusion, financial empowerment, and economic growth for current and future generations.

“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,” the CBN said.

Credit: NAIRAMETRICS

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