Nigerian experts in question the selection of Bitt Inc as FinTech partner of the central bank-FinTech Bitcoin News
Nigerian experts in question the selection of Bitt Inc as FinTech partner of the central bank-FinTech Bitcoin News
Nigerian FinTech entrepreneurs have added the decision of the central bank of Nigeria (CBN) to select Bitt Inc as fintech partner. They insist that the choice of Bitt Inc, a company based on Barbado's company, undermines the claims of the central bank that "fights for the Naira on the currency market".
market capitalization of BITT Inc.
Actually, when the test report declared by Itedgenews, some actors in the country's fintech industry are now committed to ensuring that the CBN cancel this decision. They call the small number of employees (three) employed by BITT Inc. and the "lower market capitalization of the FinTech company compared to the Great Nigerian Fintech companies" than some of their main worries.
Others, such as the FinTech analyst Abu Idrisse, see the choice of Bitt Inc. in front of local companies as a continuation of Nigerian practice to snub local solutions.
"With a wealth of local online payment processing platforms and over 30 fintech companies, Nigeria has the talent, the expertise, the experience, the work models and the capacities, in order to develop the e-naira or an Africa-wide e-currency locally and in a way that our national income, our honor and dignity," explained Idrisse.
Validity of the BITT Inc contract with CBN
In the meantime, opponents of choosing the CBN point out that the contract itself may not correspond to the standards. According to the report, Nigerian ministries, departments and authorities are legally obliged to obtain the approval of the National Information Technology Development Agency (NITDA) before starting a project.As a result, some opponents from Bitt Inc are now asking the Nitda to "check whether the CBN-e-Naira contract fulfills the strict compliance with IT procurement processes".
Another other like the FinTech Analyst Adedoja Olawale suggested that the selection of Bitt Inc. proves that the CBN itself does not practice what it sermon. Olawa explained:
We are calling for an explanation for the decision of the CBN to hire a foreign company that has no family tree compared to dozens of our local fintechs. This is pure capital escape.
Almost a month before the CBN begins to test the e-naira, it remains to be seen whether the central bank is adopted these warnings and its decision to choose BITT Inc.
Do you agree that Bitt Inc is not the right fintech company to work with the CBN? Tell us your opinion in the comment area below.
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