Connect with us

News

e-Naira: CBN Ignores Local Fintechs, Partners With Foreign Firm For CBDC Rollout

e-naira

Again, the Nigerian government has failed to live up to its own policy of patronizing made-in-Nigeria products. With the set date for the launching of Nigeria’s first digital currency, e-Naira, drawing near, the Central Bank of Nigeria (CBN) has ignored indigenous Fintechs as they have partnered with Barbados-based fintech company, Bitt Inc, as its technical partner for the launch of the e-Naira.

Nigerian-based Fintechs have blazed the trail as Africa financial service solution providers are also recognized beyond the shores of the continent. They have become the leaders in the market but can’t seem to gain the confidence of their own government especially with other African countries relying on their own fintech to power their e-currencies.

This is particularly saddening because with the global economy experiencing a downturn due to the coronavirus pandemic, nations of the world are turning to their home-grown expertise to eliminate cost. Top Nigerian Fintechs such as E-tranzact, Paystack, Remita, Interswitch, Flutterwave, Paga, among several others will have to wonder what they have to do to earn their government’s trust.

E-Naira

Nigeria’s CBN Governor, Godwin Emefiele

In its announcement, the CBN Governor, Godwin Emefiele, stated that Bitt Inc. was chosen out of a pool of Fintechs who were bidding for the job. On the reason why Bitt Inc. was the successful company of the lot, Emefiele said it was based on the company’s “technological competence, efficiency, platform security, interoperability, and implementation experience.”

“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. 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.”

Read Also: CBN’s Proposed E-Naira: Here Is Everything You Need To Know

This collaboration with Bitt Inc. announced in the same speech as Nigeria’s apex bank released the guidelines for the rollout of the first central bank digital currency (CBDC) also known as the e-Naira. The new digital currency will have the same value as the physical naira and will be held in an e-Naira wallet which is the equivalent of a regular bank account.

The CBDC rollout will be done in phases with the first phase expected to kick off on the 1st of October, 2021. Nigeria’s apex bank, the CBN, looks ready to join the 80 percent of central banks globally that are already issuing their own digital currencies or CBDCs.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Celebs

Ayra Starr’s Much Anticipated Album To Drop in 2026

Ayra Starr has sparked a whirlwind of anticipation across the global music landscape. Following her meteoric rise, the Mavin Records superstar and Roc Nation signee has stirred excitement among fans by hinting at her forthcoming project.

Featured in Spotify’s “Our Frequency” zine issue 033, the ‘Celestial Being’ shared insights into her personal and professional aspirations, including a tease that her next album could land in 2026. This disclosure emerged within Spotify’s platform dedicated to celebrating Black artists and their creative narratives, with the recent edition spotlighting Starr’s journey of growth and artistic evolution.

Spotify’s “Our Frequency” initiative offers artists a space to reveal intimate details about their lives and craft. In the Spotify feature, Ayra Starr reflected on her formative years and how diverse environments shaped her distinctive sound and personality.

The 23-year-old drew interesting parallels between cultures, noting that, “Growing up in Benin and Nigeria, it was two different vibes.” She likened the energy of Nigeria’s commercial hub to a global city: “Lagos is almost like New York.”

In stark contrast, the 2026 Grammy nominee described her experience in the Benin Republic: “Benin Republic has more like a beach vibe. Everywhere is, like, calm. Everybody is quiet, so I can’t put it into, like, a few words. It’s made me who I am.”

It was within this context of personal evolution that Ayra Starr dropped the major album news, offering insight into her 2026 goals: “In 2026, I’m looking forward to learning how to cook more known Nigerian food, and my album, Amen.”

This deliberate pacing suggests a strategic shift towards quality control following her management deal with Roc Nation in July 2025, which handles her global brand strategy and touring

Continue Reading

News

Atiku urges the Senate to amend electoral act to prevent 2027 election rigging

Atiku

Former Vice President Atiku Abubakar has called on the Nigerian Senate to urgently review and amend the Electoral Act 2022, warning that loopholes in the law contributed to alleged irregularities during the 2023 general elections.

In a statement posted on his Facebook page on Thursday, Atiku highlighted that the existing legal framework made it “nearly impossible for petitioners to advance their cases in the courts,” creating conditions that allowed for what he described as “brazen rigging” in 2023.

He stressed that correcting these flaws is essential to safeguard the credibility of the 2027 elections, urging lawmakers to ensure that any amendments are passed in time to govern future polls.

“At a time when the mistakes of the 2023 elections are still fresh, the legal instrument for the conduct of the 2027 and subsequent elections must be reviewed,” Atiku said.

He expressed concern that the Senate appears determined to delay or frustrate the passage of the amendments, citing a recent report by the Foundation for Investigative Journalism (FIJ) as an indictment of legislative inaction.

“The credibility of the 2027 general elections hinges on the urgency with which the Senate treats this crucial bill,” Atiku warned. “It is imperative that the Senate finalises the amendments and ensures the updated law governs the conduct of the 2027 elections. Anything short of this is a deliberate attempt to rig the election long before the ballots are cast.”

Below, the statement is reproduced in full:

“A major setback to the 2023 elections is the loopholes in the Electoral Act 2022 that paved the way for the brazen rigging of that election, and the near-impossibility of petitioners to advance their cases in the courts.

“It is imperative that if the mistakes of the 2023 election are to be corrected, the legal instrument for the conduct of the 2027 and subsequent elections needs to be reviewed.

But as things stand, it has become obvious that the Senate is determined to frustrate the passage of amendments to the 2022 Electoral Act.

“The recent report by FIJ serves as both an indictment of the Senate and a timely call for legislative responsibility.

“The credibility of the 2027 general elections hinges on the urgency with which the Senate treats this crucial bill.

“It is, therefore, imperative that the Senate finalises the amendments and ensures the updated law governs the conduct of the 2027 elections.

“Anything short of this is a deliberate attempt to rig the election long before the ballots are cast.

Continue Reading

News

CAF Vows To Take ‘stern action’ after chaotic AFCON final scenes

African football’s governing body CAF, said Monday “appropriate action” would be taken against “those found guilty” after chaotic scenes marred the final of the Africa Cup of Nations. CAF did not attribute blame to either Senegal or Morocco. On Sunday’s final, most of the Senegalese players walked off in protest when referee Jean-Jacques Ndala awarded hosts Morocco a penalty deep into time added on of normal time, with the match tied at 0-0.

A group of their fans fought with Moroccan security personnel at the other end of the stadium in Rabat. Once the players returned to the pitch, Senegal’s keeper Edouard Mendy saved the spot kick, and Senegal went on to win 1-0 in extra time.

“The Confederation Africaine de Football (CAF) condemns the unacceptable behaviour from some players and officials during the CAF Africa Cup of Nations Morocco 2025 Final between Morocco and Senegal in Rabat last night,” read their statement.

“CAF strongly condemns any inappropriate behaviour which occurs during matches, especially those targeting the refereeing team or match organizers.

“CAF is reviewing all footage and will refer the matter to competent bodies for appropriate action to be taken against those found guilty.”

The Senegal players eventually returned after former Liverpool star Sadio Mane, one of the few of his team to remain on the pitch, remonstrated with them to do so.

Morocco’s Brahim Diaz, who had originally won the penalty, then sent his spot kick into the arms of Senegal goalkeeper Edouard Mendy.

Senegal went on to win the final with a brilliant goal from Pape Gueye in extra time.

Continue Reading

Trending