SALT LAKE CITY, October 25, 2022 /PRNewswire/ — Bitt Joins Central Bank of Nigeria (CBN) to celebrate the first anniversary of eNaira. Since its launch on October 25, 2021citizens and residents of Nigeria were the first on the continent Africa be able to use legal tender digital currency for their day-to-day financial transactions.
Bitt and the CBN continue to work diligently to roll out eNaira updates in accordance with the roadmap released by the CBN. The implementation plan identifies three phases. The deployment of the project is currently in phase two. Besides onboarding banked customers and merchants, and integrating and optimizing core banking systems to facilitate transactions across the existing eNaira ecosystem, other major achievements include:
- Integration of unbanked customers and transactions via USSD
- Integrations with the National Payment Service for QR functionality and Wholesale Funds Transfer (RTGS)
- Integration of IMTOs and integration of DCMS to exchange Naira
- Multilingual support for mobile apps and USSD
- SMS integration with CBN’s SMS Gateway service
- Security hardening
The next phases will include:
- Integration of Nigerian Commerce and Exchange Platform
- Sector specific tokens for grants and subsidies
- Programmable payments for eNaira payment scenarios
Brian PopelkaCEO, Bitt says “This year has been full of firsts for Africa. Being First offers the opportunity to become the first to find solutions and chart a course for others to follow. Today’s one-year milestone is an exceptional achievement both for the Central Bank of Nigeria and Bitt teams. We look forward to continuing our partnership on this CBDC rollout journey and delivering additional features to extend the value of eNaira to all Nigerians and everyone, everywhere. »
Bitt has ensured that Nigerians play a central role in this project by expanding its global team to include Nigerian engineers, product managers and executives.Imran KhanExecutive Vice President, Partnerships, said, “Using local talent cements our commitment to Nigeria and to the entire African continent as we strive to reduce infrastructure costs and improve access and user experience of receiving and sending money, thereby promoting financial inclusion at through Africa.”
bitt is a financial technology company that provides digital currency solutions to central banks, financial institutions and ecosystem participants worldwide. Bitt’s Digital Currency Management System (DCMS) provides the secure infrastructure for monetary authorities to deploy CBDCs and financial institutions to integrate digital currencies into their financial services offerings. Bitt is a portfolio company of Medici Ventures, LP, a blockchain-focused fund. The general partner of this fund is an affiliate of Pelion Venture Partners. Overstock.com, Inc. (NASDAQ:OSTK) is a limited partner of Medici Ventures, LP
Overstock.com, Inc.. (NASDAQ:OSTK) is an online retailer and technology company based in Salt Lake City, UT. Its leading e-commerce website sells a wide range of new home products at low prices, including furniture, decor, area rugs, bedding and bath, home improvement items, and more. . Online shopping offers millions of products that tens of millions of customers visit every month. Overstock regularly posts information about the Company and other related matters on the Newsroom and Investor Relations pages of its website, Overstock.com.
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Pelion Venture Partnersis an early-stage venture capital firm. Currently investing in its seventh fund, Pelion invests in Seed and Series A software companies across United States. Notable investments include: Cloudflare (NYSE:NET), Riverbed, Divvy (acquired by Bill.com) and Weave (NYSE:WEAV):
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