Bitt Inc has been selected by the Central Bank of Nigeria (CBN) as a technical partner in the implementation of e-Naira, the electronic version of the local currency which is expected to be unveiled before the end of the year. The announcement was made in a statement released last week.

Among highly competitive bidders, the issuing institute reports that the selection of the fintech was based on the company's technological competence, efficiency, platform security, interoperability and implementation experience. . By choosing Bitt Inc, the central bank “will build on the company’s proven experience with digital currency, which is already in circulation in several Eastern Caribbean countries.” According to Godwin Emefiele, the central bank governor, the digital currency project has benefits aimed at improving financial inclusion, simplifying payments, fostering cross-border trade, and facilitating cross-border trade, from remittances to less costs, targeted social interventions, and tax collection, among others.