Nigerian fintech entrepreneurs have slammed the Central Bank of Nigeria (CBN)’s decision to select Bitt Inc as its fintech partner. They insist that the choice of Bitt Inc, a Barbados based firm, undermines central bank claims that it is “fighting for the naira in the forex market.”
Bitt Inc’s Market Capitalization
In fact, as the report by Itedgenews explains, some players in the country’s fintech industry are now lobbying for the CBN to rescind this decision. They cite the small number of people employed by Bitt Inc (three) as well as the fintech firm’s “lower market capitalization when compared to any of Nigeria’s major fintech companies” as some of their key concerns.
Others, like fintech analyst Abu Idrissee, see the choice of Bitt Inc ahead of local companies as a continuation of Nigeria’s practice of snubbing local solutions.
“With an abundance of indigenous online payment processing platforms and over 30 Fintech companies, Nigeria has the talent, expertise, experience, working models, and…