Building the first CBDC in Africa
Objectives of eNaira
In driving this core objective, the eNaira will also deliver on key economic objectives of the CBN highlighted below whih will impact overall economic growth and that generate significant social and economic benefits for all Nigerians.
Deploying the eNaira
The CBN wanted the eNaira’s usability to be on par with advanced payment applications already in Nigeria. Value was to be the differentiator. Bitt worked directly with CBN to determine the ideal technology solutions to meet the functional, ethical, and monetary policy requirements for Nigeria’s use cases, scope, and other factors.
- CBN went through our product’s functionality, hosted in a sandbox environment, identified the key requirements that would be required for the initial launch, and started building a list of items to include in a roadmap.
- We defined the main configurable aspects of the solution, such as branding, wallet tiers, transaction alerting, onboarding flows for consumers and merchants.
- We implemented and configured the solution in CBN’s hosting environment.
- We worked with stakeholders, such as banks and the national payment system, to integrate the solution.
- We supported the CBN and stakeholders to mint their first eNaira, set-up banks and merchants.
- We conducted extensive testing, including a closed pilot with real users and stakeholders, prior to the launch event.
We look forward to expanding the eNaira’s features and use cases.
Bitt’s role as official technology partner will be integral for the eNaira roadmap
- Unbanked customer onboarding and transactions via USSD
- Merchant onboarding and transactions
- Onboarding of IMTOs for remittance
- Onboarding of e-commerce merchants
- Wholesale funds transfer through the RTGS
- Multi-lingual support for mobile and USSD
- Onboarding of wallet developers
- SMS support
- Onboarding of trade and exchange platform
- Onboarding of MDAs
- Regional and time limited tokens
- Custom smart contracts
- Offline eNaira payments solution
- Cross border payments and interoperability with other CBDCs
- Multiple signatory wallets