Browsing: Digital Money

The West African Monetary and Economic Union. Experts say that the emergence of the CBDCs will sabotage the common currency project in West Africa. www.theexchange.africa

Whether Nigeria and Ghana will abandon their digital currencies and jump on the Eco train is an unclear narrative, but it appears unlikely because of the significant investments put into them and the optimism by the governments to embrace digital transformations.

Nigeria had banned cryptocurrency transactions in February last year which increased the popularity of the eNaira as an alternative for cross-border trade and remittance inflows.

eNaira critics say that the solutions being offered by the digital currency are already existing in online banking and bank card transactions. …

Co-operatives in Africa have played an integral role to make an indelible footprint in the lives of millions of members across the continent. They have been identified as key vehicles in the ultimate realization and achievement of Africa’s Agenda 2063 and the United Nations Sustainable Development Goals (SDGs).  

The era of digital disruption together with the introduction of challenge 2025, has birthed the 21st century African co-operative, swiftly reinventing it from the traditional analogue model.  

Most Co-operatives have been at the forefront of eradicating poverty, by creating employment to millions of people, directly or indirectly across the continent. In addition, many have been been entirely responsible for transforming national economies inculcating modern agricultural methods to increase productivity, and enabling the continent to feed itself whilst exporting; boosting industrialization, manufacturing and value addition; bolstering education, health and nutrition to name a few of

Tanzania has moved to look into a possible profitable venture in Cryptocurrency.

A circular purported to be coming from the Directorate of Economic Research and Policy at the Central Bank of Tanzania (BoT) shows that the bank is conducting a study to assess the extent of cryptocurrency impact on the Tanzanian economy with a view to registering brokers for the business.The circular, in part, reads:

“Please be informed that the Bank of Tanzania is conducting a study to assess the extent of Cryptocurrency and Online Forex Trading and its implication to the economy in Tanzania. The result of this survey will determine whether or not there is any need to register brokers for this business in the country.”

The letter goes on to further state that BoT will conduct the survey by visiting various parts of Tanzania and interview selected individuals to gather the needed information for decision making.…