Bitt, the financial technology firm behind Dcash, a CBDC being implemented in the Eastern Caribbean Currency Union, has been revealed as the technology provider of Nigeria’s eNaira CBDC.
In a statement, the Central Bank of Nigeria said:
“In choosing Bitt Inc, the CBN will rely 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 digital currency (CBDC) pilot of the Eastern Caribbean Central Bank (ECCB) in April 2021.”
– Central Bank of Nigeria (CBN)
CBN governor, Godwin Emefiele, has previously said the bank is introducing a CBDC pilot by October 2021.
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The targetted benefits of the central bank digital currency include:
- Increased cross-border trade
- To accelerate financial inclusion
- For cheaper and faster remittance inflows
Bitt was also recently announced as one of the finalists in Singapore’s Global CBDC challenge.
As a result of its work, Bitt joined APIX, a global CBDC sandbox where the world’s leading CBDC projects are testing out their solutions.
Other participants include:
- Visa
- Mastercard
- Consensys
- IBM
- Standard Chartered
- JP Morgan
Bitt has been working on Dcash since 2019.
In the DCash CBDC, Bitt is minting a digital version of the Eastern Caribbean dollar as legal tender. The fintech has also made a DCash mobile wallet application which is freely available in app stores.
The mobile wallet is being used to:
- Manage funds
- Make purchases
- Pay bills
The Caribbean solution lists the following benefits to users:
- Pay or transfer money, without fees, in real time
- Simple steps and easy-to-use interfaces
- No bank account is required
- Send money instantly to family, friends, and businesses within the Eastern Caribbean Currency Union (ECCU)
- Secure and safe platform to facilitate your DXCD storage and transaction
- No minimum spending amount (as in the case of card payment products)
- Personal digital financial reports provide real-time access to transaction records
- Privacy and confidentiality of all your transaction information
The features and benefits are very similar with those highlighted in the Central Bank of Nigeria’s framework for e-Naira.
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RECOMMENDED READING: [WATCH] The e-Naira Will Come with an e-Wallet with Zero Transaction Costs, 3rd-Party Wallets Supported, Says Nigerian Central Bank
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