News In Brief - September 2, 2021

September 2, 2021
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The Central Bank of Nigeria has announced that it is partnering with the fintech company Bitt to trial its central bank digital currency (CBDC).

Nigeria Teams Up With Bitt For CBDC

Bitt, a fintech company based in Barbados, has been awarded a contract by Nigeria's central bank to roll out its central bank digital currency, the proposed eNaira.

The eNaira will become publicly available to a segment of Nigeria's citizens later this year.

"Digitising the Naira will benefit the entire Nigerian financial ecosystem," said Brian Popelka, chief executive officer at Bitt, in a press statement. "The financial and humanitarian benefits that our technology offers will be transformative, especially in the lives of those 50m unbanked Nigerians.”

Bitt has already worked with governments in the Caribbean and South America to develop CBDC solutions. This includes the CBDC now in circulation in several Eastern Caribbean countries after being devised alongside the Eastern Caribbean Central Bank.

The company also partaking in Singapore's Global CBDC Challenge, having made it as one of the 15 finalists that will present their proposals at the country's FinTech Festival in November this year.

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