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CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies (23299 Views)

Complaints Mount As Enaira App Tops 100,000 Downloads / CBN Releases Guidelines For Enaira / Piggybank.ng, The Nigerian Fintech Startup That Just Raised $1.1million (2) (3) (4)

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Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by musicwriter(m): 11:42am On Aug 31, 2021
If you love yourself, don't ever put your 1kobo in this thing. As long as it's not decentralized, it would be a mega corruption App in the hands of those running the monetary policy. They can make the value anything they want at any time of the day and cash out YOUR money. Remember it's still going to be pegged on the US dollar. If you want to keep your money safe, keep it in dollar in a bank or use USDT wallet App.

3 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by ShedrachU(m): 11:44am On Aug 31, 2021
Dozis:
The way you shunned Nigerian fintechs is the same we will shun the currency...

You are on your own
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by sapientia(m): 11:49am On Aug 31, 2021
They want Twitter to have office in Nigeria

Where is the office of the company?
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Patrioticbreed9(m): 11:50am On Aug 31, 2021
Ghana patnered with a u.s firm EMTECH! why is nigeria case now different because they did same? must we complain about every in nigeria!! .

Good news and comendable fit from cbn biko.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Karleb(m): 11:51am On Aug 31, 2021
Imagine you are a professional fashion designer with years of experience and your parents gave out one of their most important fashion design gig to another fashion designer.

Imagine you have a very good private school but your children are schooling in another private school.

Imagine you are the owner of MTN but your parents main line is GLO or 9mobile.

Imagine you are a professional hair stylists but your parents still make their hair outside.

That's exactly what just happened here.

3 Likes 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Patrioticbreed9(m): 11:52am On Aug 31, 2021
AuntRose:
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

Ghana also patnerd with a u.s firm for their own e-cedis me ne ne.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by dingbang(m): 11:59am On Aug 31, 2021
Beedude:
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.
sense..

2 Likes

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by ShedrachU(m): 12:00pm On Aug 31, 2021
Opexzy:
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.

It's not about investment size, it's about service rendering capability.

1. For three months now, users are unable to add new debit card to their Opay account.

2. For two weeks now, Paystack ain't replying customers.

3. For a month now, Piggyvest have glitches in terms of internal functions within its app.

4. Flutterwave on the other hand, fair enough.

Now looking at all these, it will be gross senseless to give such huge project to any of them.

1 Like 1 Share

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Patrioticman007(m): 12:02pm On Aug 31, 2021
Beedude:
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.

The problems with Nigerian companies are compromise, due to the nature of our nationalization of corruption.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by ayo84(m): 12:04pm On Aug 31, 2021
all this news after a false communication conjecture , and they still have not involved us, it would eventually fail if we are not directly involved
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by APCNig: 12:10pm On Aug 31, 2021
Useless idiots
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Beedude(m): 12:20pm On Aug 31, 2021
Patrioticman007:


The problems with Nigerian companies are compromise, due to the nature of our nationalization of corruption.
That is just it. CBN knows this and will prefer to do things its way.
If the foreign company dont meet up, then they should face the backlash.
Everything shouldnt be seen with a bais mind.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by poiZon: 12:26pm On Aug 31, 2021
All those fintech firms r own by southerners, cbn doesnt want to further empower them.

1 Like

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by KingOfAmebo(m): 12:28pm 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/

Beedude Patrioticman007 ShedrachU Opexzy


Nigerian Fintech companies such as: Flutterwave, Paystack, PiggyVest, Paga, Interswitch, E-tranzact, Carbon Paylater, Remita (SystemSpecs), and VoguePay.

"You people just like playing politics with everything, all the Fintech companies listed up there are focused on providing payment solutions for businesses with a Fiat Currency and NOT Cryptocurrency...Name one Nigerian Fintech that focuses on Cryptocurrency payment solutions...NONE, So why blame the CBN for engaging an expert?". - Village People spokesperson.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by greenguy: 1:00pm On Aug 31, 2021
E-currency is a welcomed idea and the foreign company in question is an expert in this area.

There's actually nothing wrong engaging the services of a foreign company, but the main problem is the monumental looting that will take place via this eNaira by this government ehnn...I fear for the very short-term future of this already miserable country.

1 Like

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by chineduuf: 1:12pm On Aug 31, 2021
At the end of the day that same company will hire Nigerian software engineers remotely to do the job unda an NDA and pay them peanuts out of the profit.
And then, our remote developers will be happy because a win for them; it's more than they earn here physically. Sadly.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by chineduuf: 1:13pm On Aug 31, 2021
KingOfAmebo:


Beedude Patrioticman007 ShedrachU Opexzy


Nigerian Fintech companies such as: Flutterwave, Paystack, PiggyVest, Paga, Interswitch, E-tranzact, Carbon Paylater, Remita (SystemSpecs), and VoguePay.

"You people just like playing politics with everything, all the Fintech companies listed up there are focused on providing payment solutions for businesses with a Fiat Currency and NOT Cryptocurrency...Name one Nigerian Fintech that focuses on Cryptocurrency payment solutions...NONE, So why blame the CBN for engaging an expert?". - Village People spokesperson.

Stand corrected, Patricia
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by KingOfAmebo(m): 1:17pm On Aug 31, 2021
chineduuf:


Stand corrected, Patricia

"Patricia is a vendor/exchanger and doesn't provide payment solutions for either Fiat Currency or Cryptocurrency". - Village People spokesperson.

1 Like

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Oyindamolah: 1:22pm On Aug 31, 2021
grin
JackWolfskin:
Normal Naira can't hold value...

...How will the E-Naira fare?
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Oyindamolah: 1:26pm On Aug 31, 2021
greenguy:
E-currency is a welcomed idea and the foreign company in question is an expert in this area.

There's actually nothing wrong engaging the services of a foreign company, but the main problem is the monumental looting that will take place via this eNaira by this government ehnn...I fear for the very short-term future of this already miserable country.
Let them loot it, we have ported to crypto
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Michealeni: 1:31pm On Aug 31, 2021
What I don't know is are we gonna have this currency on platform like binance after they lunch it?
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by NwadykExcel(m): 1:48pm On Aug 31, 2021
ivolt:

The currency is not an investment scheme. Think of a fully digital Naira.

BTW, Success or Failure of a crypto has nothing to do with decentralization.
USDT is not decentralized yet it is doing well and many decentralized currencies have died over the years.

When will the currency be launched?
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by NwadykExcel(m): 1:51pm On Aug 31, 2021
thebosstrevor1:


Nigerian fintechs are payment gateway, they process payment

Bit inc is a company that mint and create digital currencies for central banks all over the world. They also create payment systems, this is something Nigerian fintechs do not do.

2 different businesses and models.

Nigerian online media are filled with shit and FAKENEWS

And incessant exaggeration of facts and figures that aren't as bad as they make them to seem.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by ArcFresky(m): 1:58pm On Aug 31, 2021
Beedude:
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.

You are mistaken.
It is not that they can't do it.
Its the corruption... That's all...

Foreign companies have the money to pay the bribes, local companies don't.

Before you get contract of 100m, you will have paid bribe of 50m... So please tell me, how they wan do good job.

I think it's just corruption... That's all.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Opexzy: 2:01pm On Aug 31, 2021
ShedrachU:


It's not about investment size, it's about service rendering capability.

1. For three months now, users are unable to add new debit card to their Opay account.

2. For two weeks now, Paystack ain't replying customers.

3. For a month now, Piggyvest have glitches in terms of internal functions within its app.

4. Flutterwave on the other hand, fair enough.

Now looking at all these, it will be gross senseless to give such huge project to any of them.

Yeah, Bitt is perfect and they have never had issues before.

2 Likes

Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Opexzy: 2:05pm On Aug 31, 2021
KingOfAmebo:


Beedude Patrioticman007 ShedrachU Opexzy


Nigerian Fintech companies such as: Flutterwave, Paystack, PiggyVest, Paga, Interswitch, E-tranzact, Carbon Paylater, Remita (SystemSpecs), and VoguePay.

"You people just like playing politics with everything, all the Fintech companies listed up there are focused on providing payment solutions for businesses with a Fiat Currency and NOT Cryptocurrency...Name one Nigerian Fintech that focuses on Cryptocurrency payment solutions...NONE, So why blame the CBN for engaging an expert?". - Village People spokesperson.

I know all these companies are payment processing companies. The federal government is just a very clueless entity. Patricia was doing fine in Nigeria before they were sent away by hostile policy. Now the same federal government is investing into the same sector and you are here throwing your weight around them.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Beedude(m): 3:17pm On Aug 31, 2021
ArcFresky:


You are mistaken.
It is not that they can't do it.
Its the corruption... That's all...

Foreign companies have the money to pay the bribes, local companies don't.

Before you get contract of 100m, you will have paid bribe of 50m... So please tell me, how they wan do good job.

I think it's just corruption... That's all.
In every bid for a contract or project, there are always underground runs and shuffling involved. Qatar hosting world cup was thru runs and bribe. Same applies in various aspect of life. Its not just a Nigeria thing. It is what it is. But u see most companies in Nigeria can only bribe and get a contract, executing it is the main problem.
Most of out ATM machines are yet to be effective. Sometimes u pay thru paystack or interswitch and face wahala.
I cant forget December 2019 when my money got stucked. Till Feb 2020 before i was able to get a reversal for a failed transaction. And this was after i called them out on twitter.
I had the chance to be out of Nigeria for many years and i know the difference.
We arent ripe for some tasks. It is better for our fintechs to learn from BITT once they commence operation and up their game as well. Who knows what will happen in future.
But at the moment, lets try a tested and trusted firm. No sentiment atall
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Nobody: 3:23pm On Aug 31, 2021
Dozis:
The way you shunned Nigerian fintechs is the same we will shun the currency...
CBN are fools if they believe crypto enthusiasts will embrace their so called rubbish e-naira.
Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by KingOfAmebo(m): 3:32pm On Aug 31, 2021
Opexzy:


I know all these companies are payment processing companies. The federal government is just a very clueless entity. Patricia was doing fine in Nigeria before they were sent away by hostile policy. Now the same federal government is investing into the same sector and you are here throwing your weight around them.

"You don't seem to understand my point, How do you expect the CBN to go for a Barber just because he is Nigerian and abandon a Fashion Designer for a Clothing business?

There's NO Nigerian Fintech offering what the CBN wants to implement and the only company that is competent enough is based abroad Bitt Inc...This is not about quota system.

Mind you the Patricia you mentioned is not even a payment solutions provider, Patricia is just a Vendor/Exchanger.

Name one Fintech company in Nigeria that provides payment solutions for CRYPTOCURRENCY...take note of the bolded before replying me". - Village People spokesperson.

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