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

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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.

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Wole Soyinka Reveals He’s Been Banned from Entering the United States

Nobel Prize-winning writer Wole Soyinka says the U.S. has withdrawn his visa and requested its physical cancellation in Lagos. Wole Soyinka said on Tuesday that the United States had revoked his non-immigrant visa issued last year, and that he had been informed he must reapply should he wish to visit the U.S. again.

The 91-year-old writer had torn up his U.S. green card and renounced his American residency in 2016 in protest of the election of President Donald Trump. The Nobel laureate has held regular teaching appointments at American Ivy League universities since the mid-1990s, following his Nobel Prize for Literature in 1986.

“The moment they announce his victory, I will cut my green card myself and start packing up,” Soyinka had said.

On Tuesday, Soyinka presented reporters with a letter from the U.S. Consulate General in Lagos requesting that he bring in his passport for the physical cancellation of his visa.

The letter, dated 23 October, stated that “additional information became available” after the visa had been issued. The U.S. Embassy in Nigeria did not immediately respond to a request for comment.

“I have no visa; I am obviously banned from the United States, and if you want to see me, you know where to find me,” Soyinka said, addressing those who might have planned to invite him to events in the U.S.

In July, the U.S. Embassy in Nigeria announced that Nigerians applying for non-immigrant visas would now receive single-entry, three-month permits, rolling back the previous policy that had allowed multiple-entry, up to 5-year visas.

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“I Feel Sorry for Men with One Wife” – Ned Nwoko Has No Regrets After Marrying 4 Wives

Senator Ned Nwoko, who represents Delta North, has finally opened up about his marriage to Nollywood actress Regina Daniels, addressing weeks of speculation, accusations, and viral clips that set social media on fire.

The businessman and politician not only defended his controversial polygamous lifestyle but also denied claims that he had been violent towards his wife.

Speaking on Channels TV’s Politics Today on Sunday, the politician addressed the marital crisis with his actress wife, Regina Daniels, directly.

He made astonishing claims about the merits of multiple marriages and firmly rejected the explosive allegations of domestic violence.

In his own words, Ned painted himself as a man who has been misunderstood, while standing firmly by his tradition and choices.

Senator Nwoko was asked about the status of his marriage with his youngest wife, Regina Daniels, following the disturbing video of a 25-year-old Nollywood actress that went viral.
A teary clip showed the actress crying and saying she couldn’t “stand the violence anymore.” In the footage, she was heard lamenting, “In Ned Nwoko’s house, I am nothing. But in my own house, I am a Queen.”

The video triggered outrage across social media, with many Nigerians accusing the lawmaker of domestic abuse. However, Senator Nwoko firmly rejected the claim, saying the story was false and that he had never raised a hand on any of his wives.

In his usual calm but confident tone, Senator Nwoko also spoke openly about being a proud polygamist, calling it both a blessing and a cultural duty.

The 64-year-old Senator expressed sympathy, or perhaps pity, for men in monogamous marriages: “I feel sorry for those who have one wife,” he said.

He argued that having multiple wives offers men greater stability and balance, using a striking, easy-to-understand analogy: “Just imagine standing on one leg — it’s difficult. But with two, three, or four, you’re more balanced. That’s the example I give.”

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NCC, CBN’s move to end failed airtime, data transactions

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The Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have joined forces to introduce a unified framework aimed at curbing failed airtime recharges and data transactions on electronic platforms.

The initiative, announced last week, seeks to enforce accountability among telecom operators, payment processors, and financial institutions, ensuring that millions of subscribers get timely redress for failed or incomplete transactions.

The Centre for Digital Justice and Consumer Rights (CDJCR) has applauded the move, describing it as a landmark in consumer protection. In a statement on Monday, October 20, 2025, the group’s Executive Director, Dr Kenechukwu Opara, said the collaboration between the two regulators was long overdue.

“For far too long, consumers have borne the brunt of system failures that are neither their fault nor within their control,” Opara said.

Opara noted that failed recharges and data purchases are among the most frequent complaints by telecom users, with many left stranded due to delayed or unresolved reversals. The new framework, he said, would protect millions of Nigerians who rely on mobile platforms for daily microtransactions.

Consumers are not just users; they are the backbone of the telecom and financial systems. By ensuring that customers get full value for every recharge and data purchase, the NCC is not only protecting rights but also deepening trust in Nigeria’s cashless and digital inclusion policies,” he added.

The CDJCR praised the NCC’s Executive Vice Chairman, Dr Aminu Maida, for prioritising consumer welfare and for pushing a proactive regulatory agenda.

While commending the regulators, Opara urged them to go a step further by enforcing clear timelines, transparent processes, and strict sanctions against operators who fall short of agreed standards.

“We encourage both regulators to publish the service level expectations for all stakeholders — telecom operators, payment processors, and financial institutions — so that consumers know who to hold accountable when transactions fail,” he said.

The group also applauded the CBN for embedding consumer rights in its financial protection framework, especially for low-income Nigerians who depend heavily on digital services for daily payments.

Beyond telecoms, Opara argued that the NCC–CBN partnership should become a model for other sectors where technology, finance, and service delivery intersect.

“This kind of inter-agency collaboration shows that government institutions can truly work in the interest of citizens. What matters now is strict compliance and constant review of the framework to adapt to new technologies and emerging consumer issues,” he said.

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