The Governor of the Central Bank of Nigeria has stated that Bitt Inc, the company developing the country’s digital currency, eNaira, is not his company.
This was disclosed in the Monetary Policy Council meeting today by the CBN Governor, Godwin Emefiele.
The CBN governor reassured Nigerian about the launch date of the eNaira saying, “ The eNaira is a journey that would start on October 1 2021. On that date, Nigerians should be able to download the eNaira application from either Google play store or Apple app store.”
“They would be able to find their wallets using their bank account and conductor transaction such as transfers and purchases at merchant outlets that have boarded to the platform.”
Emefiele also affirmed reports from Niarametrics that the CBN plans to own a stake in Bitt Inc., the preferred partner helping the apex bank implement its digital currency initiative.
He said, “Bitt Inc would establish that company in Nigeria and the CBN would own a majority stake in the company. So it is not my company as people have said.”
The Governor also expressed his confidence in Bitt Inc as the right company for the development of the eNaria.
He said, “The CBN went through a rigorous vendor selection process. Bitt came first with an average of 82.3%, scoring above the other 5 bidders.”
“Why did we choose Bitt Inc? Bitt is a leader in central banks digital currency space, with subject matter experts at the intersection between technology and policy.
“Bitt Inc is the first company to digitalize a Central Bank digital currency on a blockchain,” he added.
What you should know
- Nairametrics reported in an exclusive that Nigeria’s Central Bank plans to own a stake in Bitt Inc. It was stated that one of the conditions being considered for accepting Bitt Inc is for the company to register in Nigeria as a Limited Liability company allowing the central bank to own shares in its Nigerian entity.
- 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.
- Bitt’s 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.