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.

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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