Today the Bank for International Settlements (BIS) published a paper on central bank digital currency (CBDC) in Africa, highlighting that motivations differ from other emerging market countries.
In terms of progress, Nigeria has launched its eNaira retail CBDC, Ghana is in the pilot phase and South Africa ran a pilot for a wholesale CBDC.
Mobile money is the dominant form of digital payment in Africa, led by Kenya’s M-Pesa. These systems enable faster payments but half of the 19 African central banks believe that CBDC would provide a better solution.
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