Posted on: 25. February 2023 Posted by: admin Comments: 0

• The Central Bank of Nigeria (CBN) is seeking a new technology partner to help it implement a system that gives it greater control over its central bank digital currency (CBDC), the e-naira.
• R3, a provider of enterprise technology and services, is one of the prospective partners that has reportedly discussed deploying different tech for the e-naira.
• According to Lucky Uwakwe Arisukwu, the CEO of Sabi Group, the CBN’s desire to control digital currency could be the primary motivating factor behind its search for a new partner.

New CBDC Tech Partner Sought by Nigerian Central Bank

The Central Bank of Nigeria (CBN) is looking for a new technology partner to support its central bank digital currency (CBDC) project. The aim is to create a system which gives it greater control over the CBDC, commonly known as e-naira. This comes more than a year after launching its CBDC with initial technology partner Bitt Inc.

Prospective Partners Discussed

R3, an enterprise technology and services provider, has reportedly been in discussions with the CBN regarding deploying a different tech for e-naira. While no official comment has been given on this matter by either party involved, Bitt Inc acknowledged that it still works closely with the CBN and is “currently developing additional features and enhancements.”

Motivating Factor Behind Search For New Partner

Lucky Uwakwe Arisukwu, CEO of 4th industrial revolution technology hub Sabi Group believes that the central bank’s desire to have more control over digital currency could be what drives it to seek out new partners. He pointed out recent developments such as Afrigo domestic card scheme – launched by CBN – as evidence that it wants to have more control over electronic platforms in Nigeria. Despite this, governor Godwin Emefiele rejected claims that Afrigo was meant to push out international service providers from the country’s national payment system.

Improving E-Naira User Experience Could Help Adoption

In order for more Nigerians to adopt the e-naira, experts suggest improving user experience be considered by CBN when choosing partners or when implementing any other changes related to their digital currency projects. With better user experience come wider adoption which will ultimately result in greater success for such initiatives taken up by Nigeria’s central bank .


It remains unclear if or when another partnership will be established between the Central Bank of Nigeria and R3 or any other tech firm but reports suggest that talks are ongoing between both parties nonetheless so we might soon see some development in this regard.