Nigerian fintech players slammed the Central Bank of Nigeria’s decision to select Bitt Inc

According to some fintech companies entrepreneurs, the Central Bank of Nigeria made a big mistake choosing Butt Inc, while there are many better options to choose and make eNaira rollout successful. 

In the present time, work on the e-Naira CBDCs is going on full speed and also the Central Bank of Nigeria is feeling full pressure to make e-Naira rollout successful. It is expected that experiments and trials will start this month. For this, the Central bank of Nigeria choosed Bitt Inc fintech firm. 

According to the report of Itedgenews, big fintech companies are claiming that the Central Bank of Nigeria is not doing their job at their best. Because they selected that fintech firm which doesn’t deserve over other fintech companies of Nigeria. 

“lower market capitalization when compared to any of Nigeria’s major fintech companies” as some of their key concerns”

Abu Idrissee, fintech analyst, claimed that Nigeria Central bank preferred to choose the local fintech company of Nigeria, which is Bitt Inc. 

“With an abundance of indigenous online payment processing platforms and over 30 Fintech companies, Nigeria has the talent, expertise, experience, working models, and capacity to develop the e-naira, or an Africa wide e-currency, locally and in a manner that incubates and enhances our national income, honour, and dignity”

Some of the opponents of Butt Inc asked NITDA whether Bitt Inc meets with the requirements.

“to consider if the CBN e-naira contract meets the strict compliance to IT procurement processes.” 

Adedoja Olawale, another fintech analyst expert, said that CBN doesn’t want itself practicing what they want. 

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