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

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 (24828 Views)

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CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by lalasticlala(mod): 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.

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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

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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.

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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

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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

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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

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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.

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Re: CBN Partners With Bitt Inc For eNaira, Shuns Nigerian Fintech Companies by Bornsinner7: 10:02am On Aug 31, 2021

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.

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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

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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....

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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.

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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

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.

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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

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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!

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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...

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.

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