Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,150,474 members, 7,808,707 topics. Date: Thursday, 25 April 2024 at 03:47 PM

CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies (23818 Views)

CBN Releases Guidelines For Enaira / Piggybank.ng, The Nigerian Fintech Startup That Just Raised $1.1million / Fraud: Lawyer Confronts Judge As Innoson Shuns Arraignment For Fourth Time (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by lalasticlala(m): 9:47am On Aug 31, 2021
As the October 1 take off date for the rollout of digital currency nears, the Central Bank of Nigeria (CBN) has announced the formal engagement of the global Fintech company, Bitt Inc as its Technical Partner, ignoring home-grown Fintech companies.

The decision of the CBN is disturbing, especially as it comes at a time when other countries are utilising their home-grown solutions. The CBN deliberately ignored top Nigerian Fintech companies such as: Flutterwave, Paystack, PiggyVest, Paga, Interswitch, E-tranzact, Carbon Paylater, Remita (SystemSpecs), and VoguePay.

The CBN’s move also disagrees with Nigeria’s status as the first movers in Africa and most populous black nation in the world, with a rich option of Fintech solutions capable of doing the job, and have received international accolades.

While countries like Rwanda (e-RWF), South Africa (digital Rand), Ghana (e-Cedi) are utilising home-grown solutions and creating jobs for their people, Nigeria may have taken the back seat in further frustrating the efforts and capacity of its young generation of technocrats.

But in announcing the selection of Bitt Inc, the CBN Governor, Godwin Emefiele argued that Bitt was chosen from among highly competitive bidders 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,” he said.

It would be recalled that the apex bank had on July 22 during a private webinar with stakeholders outlined a digital currency initiative. It said about 80 percent of central banks globally are currently exploring the possibility of issuing their Central Bank Digital Currency (CBDC) and Nigeria could not be left behind.

https://www.theheritagetimes.com/nigerias-apex-bank-shuns-home-grown-fintech-companies-picks-bitt-inc-as-partner-to-kick-start-digital-currency/

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Beedude(m): 9:57am On Aug 31, 2021
Okay.
I dont see anything wrong in what CBN has done if truly the tech given has run such program in another country and was a success.
This is a major project that any wrong decision can hamper.
If this foreign company cant live up to expectation, then CBN will have a lot explanation to give.

So many people forgot how pos, atm and other transaction errors takes more than a month to get rectified for our fintechs but want CBN to trust them.
Ordinary electricity, our companies cant distribute. Now we run to Seimens, a German company to help.
Julius Berger, Arab contractors and CCECC are still the ones doing most of our major roads. Give a Nigeria company the project and regret later.

63 Likes 7 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Elsanchez: 9:58am On Aug 31, 2021
Dumbest CBN Gov so far

116 Likes 3 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Untainted007: 10:00am On Aug 31, 2021
Interbank transactions, POS and ATM still debit customers with several days to resolve it. I don't know why Nigeria system doesn't successfully deliver a task before embarking on another. E naira wen E banking is still nothing to write home about.

81 Likes 4 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Dozis: 10:01am On Aug 31, 2021
The way you shunned Nigerian fintechs is the same we will shun the currency...

246 Likes 16 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Lattop(m): 10:01am On Aug 31, 2021
Only if this for the interest of the masses

1 Like

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by inoki247: 10:02am On Aug 31, 2021
Grow Nigeria Grow Nigeria buh the fool at the top will rather look else where to grow and if they wan Tax people na d same people wey dem no gri grow dem go dey Tax...

90 Likes 3 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Emmyrichie45: 10:02am On Aug 31, 2021
Hmmmmmm God help us ooo







But I will buy it sha if the rate is good

2 Likes

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Nobody: 10:02am On Aug 31, 2021
Good..... Even Nigerian's don't trust Nigeria

8 Likes

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by timbuk2(m): 10:02am On Aug 31, 2021
With all the experienced fintechs in the country to the point that foreigners are investing ...abi its because most are run by intelligent youngsters...mumu cbn man no believe in him country again...what a shame

24 Likes 2 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by omoadeleye(m): 10:02am On Aug 31, 2021
I do not blame CBN too, you know how Nigerian companies do fvck up, and e-naira is a big project bigger than one ordinary fintech company.

We don't want any issues where unnecessary downtime problem will just be surfacing while trying to transact the e-naira.

You can even think about the problems someone always face when trying to pay through remita, so all these bvllshits can be frustrating.

So let CBN give the project to the best handler biko.

Nigerian fintech company should buckle up too.

26 Likes 3 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Bornsinner7: 10:02am On Aug 31, 2021
Ok
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Harrykn: 10:02am On Aug 31, 2021
E for make senses
The world has gone digital and the eNaira will be easier to loot.

14 Likes

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by AuntRose(f): 10:02am On Aug 31, 2021
Emefiele is the worst CBN governor ever in the history of mankind, he has vowed to frustrate start-ups for reason best known to him making it look like he's on a revenge mission

15 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Brunosamel(m): 10:02am On Aug 31, 2021
I weep for Nigeria youths our future seems stagnant just like Michael Jackson said "They don't really care about us" As an aspiring youth if you make it try empower your fellow youth let's be our brothers keeper cuz the evils souls don't give a shit whether we are alive or not.... Stay focus one love we go survive no matter how difficult it get....

8 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Zimmermann(m): 10:02am On Aug 31, 2021
This crop of Nigerian leaders cannot hide their utter disdain for the country's younger generation.

10 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Nobody: 10:02am On Aug 31, 2021
Indigenization policy indeed
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by DICKstractor: 10:03am On Aug 31, 2021
undecided

Slawormiir, is this not looking like an update

1 Like

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by PotatoSalad(m): 10:03am On Aug 31, 2021
Easier for budget embezzlement. Easier to tie loose ends instead of involving Nigerian fintec
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Nobody: 10:03am On Aug 31, 2021
Kill Nigerian startups either by shunning them, closing them down or taxing the hell outta them. Buhari and co, nice one.

18 Likes 4 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by kunleiky(m): 10:03am On Aug 31, 2021
How will the E-Naira work. Need enlightenment here o
Well done for shunning our home-made fintech coys o. Nigeria my kauntry

2 Likes

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by iwaeda: 10:03am On Aug 31, 2021
lalasticlala:


https://www.theheritagetimes.com/nigerias-apex-bank-shuns-home-grown-fintech-companies-picks-bitt-inc-as-partner-to-kick-start-digital-currency/

They are the one shouting grow Nigeria, eat Nigeria, but will NEVER patronise Nigeria. Some of them even go outside Nigeria to take covid19 vaccines!

4 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by otokx(m): 10:03am On Aug 31, 2021
More information is needed.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Seequadry(m): 10:03am On Aug 31, 2021
Interesting
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by femijay8271(m): 10:04am On Aug 31, 2021
Dozis:
The way you shunned Nigerian fintechs is the same we will shun the currency...

grin

Wo ti gba foul already

1 Like

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Opexzy: 10:04am On Aug 31, 2021
Nigeria federal government is worst than cancer... One or more useless decision maker in this matter has invested heavily in Bitt.

Stripe acquired paystack for 200 million dollars,
Flutterwave closing in on a record breaking deal in Africa.
Piggy vest manages over 100 billion naira of investors funds using tech.
Opay just got 400 million dollars investment from softbank.

Our federal government decided to leave all these change makers in Nigeria fintech space to work with a company with zero investment and presence in Nigeria. Two possible reasons:
1. For selfish interests and egocentric gains
2. They are running mad.

This current CBN disaster of a governor is one of those few useless ones we have had in the past. Soludo will always have my respect.

It is well with the soul of this country.

19 Likes 3 Shares

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by osuofia2(m): 10:04am On Aug 31, 2021
cheesy
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Tripssy: 10:04am On Aug 31, 2021
Everything to frustrate the younger generation.. ama no worry za so chi uwarsu

2 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Oritna94(m): 10:04am On Aug 31, 2021
Not surprised. Nothing surprises me anymore in this our naija.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Btruth: 10:04am On Aug 31, 2021
Elsanchez:
Dumbest CBN Gov so far
tell me about him.......

(1) (2) (3) (4) (5) (Reply)

Woman Who Uses Wheelchair Complains About GTBank's Inaccesible Entrances / How To Earn $50 Per Week Selling Other People's Products - Online Business / Cement: Why Only Dangote?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 25
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.