ADVERTISEMENT
TechEconomy
Saturday, May 31, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Which Country is Launching CBDC in Africa After Nigeria? 

Which Country is Launching CBDC in Africa After Nigeria? 

Yinka Okeowo by Yinka Okeowo
September 6, 2022
in Finance
0

RelatedPosts

Naira vs Dollar | Asset management

Naira Appreciates in the Official Market, Closes at N1,586/$1

May 30, 2025

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025

Nigeria is leading the race in Africa when it comes to the adoption of the Central Bank Digital Currency (CBDC). Its Central Bank launched the eNaira (CBDC) in October 2021. 

 CBDCs are digital tokens, similar to cryptocurrency, issued by a central bank. They are pegged to the value of that country’s fiat currency.

In Nigeria, the Central Bank has been at the forefront of ensuring that Nigerians begin to embrace the eNaira, which has not gained the traction the authorities expect. But it currently has 200,000 subscribers, the apex bank said.

CBN cites financial inclusion as one of its main reasons for rolling out eNaira. But the eNaira only works with digital wallets available on the Google Play Store and Apple Store. Not everybody in Nigeria has a smartphone. Imagine if the eNaira was built without using a smartphone.

Nonetheless, the financial regulator has not relented in making sure that the eNaira becomes more generally acceptable.

Recently, it organized a hackathon in collaboration with the Africa Fintech Foundry (AFF). It has also introduced an Unstructured Supplementary (USSD code).

Other Countries? 

The International Monetary Fund (IMF) claims in a blog post that although governments issue CBDCs for a variety of reasons, several benefits could be particularly significant for the region.

“Promoting financial inclusion is the first step. CBDCs, especially if made for offline use, could provide financial services to people who previously lacked bank accounts. 

Digital transactions can be carried out for little or no money in remote locations without internet connectivity. “

Ghana 

Findings by TechEconomy reveal that countries like Ghana, South Africa, Tanzania, and Kenya are yet to officially launch their CBDCs. Some of these countries.

Some of these countries, like Ghana and Tanzania, are the latest African countries making preparations to launch or test their viability. For example, Ghana’s CBDC, eCedi, is heating up the race to roll out e-cash on the continent.

The Bank of Ghana, by contrast, is testing a general-purpose or retail CBDC, the e-Cedi, which can be used by anyone with either a digital wallet app or a contactless smart card that can be used offline.

South Africa

As part of the second stage of Project Khokha, the South African Reserve Bank is experimenting with a wholesale CBDC that can only be used by financial institutions for interbank payments. 

Additionally, the nation is taking part in a cross-border experiment with the central banks of Singapore, Malaysia, and Australia.

Uganda

Currently, the Bank of Uganda is carrying out preliminary studies on whether or not a central bank digital currency should be considered, especially exploring what policy objectives

The Ugandan government has not banned cryptocurrencies but has concerns about risks from the technology including consumer protection and financial inclusion. 

Conclusion ​​

Nigeria was the second country after the Bahamas to roll out a CBDC.

From what we have gathered, several sub-Saharan African central banks are exploring or in the pilot phase of a digital currency, following Nigeria’s October introduction of the eNaira, last year. 

In the next few months, we expect countries like Ghana and South Africa to fully launch their digital currencies. 

Loading

Advertisements
MTN ADS

Author

  • Yinka Okeowo
    Yinka Okeowo

    View all posts
0Shares
Tags: CBDCCBNeNaira
Previous Post

Pantami to Lead Stakeholders to NITRA ICT Growth Conference 2.0

Next Post

Showmax Appoints Opeoluwa Filani as GM Nigeria Operations

Yinka Okeowo

Yinka Okeowo

Related Posts

Naira vs Dollar | Asset management
Finance

Naira Appreciates in the Official Market, Closes at N1,586/$1

by Latifat Fashina
May 30, 2025
0

The naira appreciated in the official market on Thursday, strengthening to N1,586/$1 from its previous close of N1,591/$1. According to...

Read more
Arik Air in 2024

Alleged N76bn Fraud: EFCC Witness & Ex-Union Bank ED Reveals He Wrote-Off Arik’s $2.3m Debt

May 29, 2025
SANEF CEO Uche Uzoebo receives RedTech Award

RegTech Conference: SANEF’s CEO Uche Uzoebo Makes Case for More Financial Inclusion Strategies Targeting Women

May 29, 2025
SEC cancels Silverkuun

SEC Warns Public against Investing in Silverkuun Limited

May 29, 2025
Abbey Mortgage Bank Building

Abbey Mortgage Bank to Raise N100bn for Commercial Banking Licence

May 29, 2025
Naira vs Dollar | Asset management

Naira Falls across Markets, Hits N1,591/$1 in Official Trading

May 29, 2025
Next Post

Showmax Appoints Opeoluwa Filani as GM Nigeria Operations

Comments 0

  1. Pingback: Which Country is Launching CBDC in Africa After Nigeria?  – TechEconomy.ng - NEWS TV GLOBAL

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.