EconomyMoneyeNaira: CBN to Own Major Stake in Bitt Inc.

ABUJA — The Central Bank of Nigeria (CBN), will own a majority stake in Bitt Inc., its technical partner for digital currency eNaira, according to the apex bank governor, Godwin Emefiele.

Emefiele announced this at the end of the CBN monetary policy committee (MPC) meeting on Friday.

According to the governor, Bitts as a partner will establish their company in the country and the apex bank will own a majority stake in the company.

“We chose Bitts as a partner… that they will establish their company in Nigeria, the Central Bank of Nigeria will own a majority stake in that company.

“As with all attempts at choosing contractors, the CBN went through a rigorous vendor selection process in line with the Public Procurement Act conducted by seven departmental directors and a deputy governor.

“Ten companies were evaluated based on the following criteria: technology ownership and control; implementation timeline; efficiency and ease of adoption; support for anti-money laundering and combatting of terrorism; platform security; interoperability; and implementation experience.

“We have all the approvals and mandates to launch on October 1, but it is important to understand that eNaira is not a one-off, it’s a journey that starts on October 1.

“From October 1, a Nigerian will be able to download the eNaira app from either Google Play Store or App Store, fund their eNaira wallet using their bank accounts or with cash at a registered agent, location.

“They will conduct transactions such as transfers and purchases at merchant outlets that have onboarded.

“We are not going to pretend that there are no risks in opening our system up. We will look at the various products, determine the risk, and determine the best way to mitigate the risk before we now open it up more and more,” Emefiele said.

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Beloved John (Staff Writer)

Writer and reporter-researcher, John Beloved is a self-motivated and creative Journalist with a commitment to quality writing and investigation. She accumulatedher professional skills and experience working for over 3 years as a content creatior and communication management. She holds a B.Sc. Education (Political Science) from the Obafemi Awolowo University, Nigeria.

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