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Kenya Central Bank Governor: Low Smartphone Penetration Working Against Plan to Launch CBDC
2.4.2022
According to Patrick Njoroge, the governor of the Kenyan central bank, the significant number of non-smartphones that are in use in Kenya means launching a central bank digital currency (CBDC) now may be premature and could lead to many citizens being financially excluded. Central Bank Mulls...
Ghana CBDC Development: New Central Bank Document Outlines Key Motivations for Issuing the Digital Currency
28.3.2022
In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital...
Crypto’s Sanction-Slipping Power: Why Bitcoin’s Neutrality Is Its Greatest Humanitarian Asset
4.3.2022
Decentralized networks such as Bitcoin’s don’t know national allegiance, they only know math. And when you’re trying to get your savings out of an ATM, or send a payment to relatives in a war-torn environment, someone else’s politics is the last thing you want standing...
Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 — Central Bank Official
3.3.2022
The Rwandan central bank may not know whether it can issue a digital currency until December 2022, when it completes a study that looks at the benefits and risks that come with such a currency, the bank’s deputy governor has said. The Investigation Phase The deputy governor of the Rwandan...
US Senator on Crypto: We Need Real Solutions to Make the Financial System Work for Everyone, Not Just the Wealthy
30.12.2021
U.S. Senator Elizabeth Warren has argued that cryptocurrency is not a path to financial inclusion like crypto advocates claim. “Bitcoin ownership is even more concentrated within the top 1% than dollars,” she said, emphasizing the need for “real solutions to make the financial...
Nigerian Experts: CBDC Still Unattractive to Users Despite Claim of ‘Excellent’ Adoption Rate
13.12.2021
Nigerian blockchain and cryptocurrency experts have suggested that many prospective users will only consider adopting the e-naira once the central bank has done enough to make the CBDC (central bank digital currency) an attractive option to use. E-Naira Still Unattractive to Users Some Nigerian...
Nigerian Central Bank Wants Financial Institutions to Develop Products Based on Its CBDC
29.11.2021
The Central Bank of Nigeria has said it wants players in the country’s payment industry to develop and help introduce products based on its central bank digital currency, the e-naira. Central Bank Open to Suggestions In its bid to deepen the adoption of the e-naira, the Central Bank...
Ghana’s Minority Lawmakers Reject Government Proposal to Tax Mobile Money Transactions
28.11.2021
The Ghanaian government’s proposal to introduce a 1.75% levy on digital transactions was recently rejected by a minority of lawmakers who insist the new tax derails efforts to help increase the number of adults that are financially included. The Digital Transactions Tax A minority...
IMF Says Nigerian CBDC Drawing Global Interest, Warns of Associated Risks
18.11.2021
The International Monetary Fund (IMF) has acknowledged that the recently launched Nigerian central bank digital currency (CBDC) is attracting interest from many institutions globally, including central banks. Still, the fund warns that the CBDC carries risks for monetary policy implementation...
South African Fintech Raises $120 Million in Funding Round Led by Fidelity
14.11.2021
A South Africa and London-based fintech startup, JUMO, recently revealed it has raised $120 million in a funding round led by Fidelity Management & Research Company. AI-Powered Financial Services According to a report by Techcrunch, financial services giant Visa and Kingsway Capital also...
Nigerian Experts Insist Africa’s First CBDC Is Presently Not for the Unbanked
6.11.2021
While the Central Bank of Nigeria (CBN) continues to tout the e-naira’s credentials as a tool for fostering financial inclusion, some experts agree that this central bank digital currency (CBDC) is presently not doing this. The CBDC’s Chaotic Start This assertion as well as...
CBDC Could Increase Nigeria’s GDP by $29 Billion in 10 Years: President Buhari
28.10.2021
The Nigerian president, Muhammadu Buhari, suggested in a recent speech that the new e-naira central bank digital currency (CBDC) could lead to an increase in the value of his country’s GDP by $29 billion in ten years. Africa’s First CBDC President Buhari made bold remarks in...
Nigeria Central Bank Governor Says CBDC Launch Just ‘a Couple of Days’ Away
10.10.2021
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has confirmed the country’s upcoming digital currency will be launched “in a couple of days from now.” According to the governor, the digital currency which is also known as the e-naira will be the first of...
Egyptian Banks Set to Launch Multi-Million Dollar Fintech Fund
1.10.2021
Egyptian banks are reportedly on course to launch a $69.6 million fund which is earmarked to support the country’s fintech companies. According to a report, this fund is expected primarily to target the digital banking and financial services sector. Fintech Apps Targeted Fintech apps that...
Nigerian CBDC Website Goes Live, Central Bank Faces Trademark Infringement Allegations
29.9.2021
According to reports from Nigeria, the official website for the Central Bank of Nigeria (CBN)’s e-naira digital currency is now up and running. The reports come just a few days before the start of the central bank digital currency (CBDC) rollout. E-Naira Similar to Physical Currency...
Chipper Cash Extends Peer-to-Peer Money Transfer Service to South Africa
27.9.2021
Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Africa. In addition to being able to use the remittance service, South African users will be able to buy, sell, and transfer cryptocurrencies like bitcoin, ethereum, and the USDC stablecoin....
Central Bank of Nigeria Selects Barbados-Based Fintech Firm as Technical Partner for CBDC Project
1.9.2021
The Central Bank of Nigeria (CBN) has named the fintech firm Bitt Inc. as a technical partner for its digital currency project, the e-naira. As a technical partner, Bitt is expected to use its “technological competence and implementation experience” to help the CBN successfully launch...
Bank of Ghana Selects German Technology Firm as Partner for CBDC Project
13.8.2021
The Bank of Ghana (BOG) says it has signed an agreement with Giesecke Devrient (GD) to implement a pilot central bank digital currency (CBDC) project. This pilot CBDC, which is a precursor to the e-cedi digital currency, is set to be tested with banks, payment service providers, merchants...
Ghana Vice President Praises Central Bank’s CBDC Initiative, Says Digital Currencies Can Boost Intra-African Trade
30.7.2021
The Ghanaian Vice President, Mahamudu Bawumia, has implored African governments to start exploring digital currencies as such alternatives have the potential to enhance intra-African trade. In addition, such digital currencies allow African countries to carry out all cross-border payments smoothly...
Rwanda Central Bank Joins CBDC Bandwagon After Announcing Digital Currency Research
23.6.2021
The National Bank of Rwanda (NBR) has become the latest African central bank to join the digital currency movement after an employee confirmed the institution is studying the possibilities of issuing its own digital currency. CBDC Implications on Financial Stability According to the employee, John...