Trending
- Rising Flood Waters Spell Doom for Communities in Zambia
- Technology trends that will revolutionize Africa in 2023
- Kenya’s Equity Bank completes acquisition of Spire Bank
- Nigeria’s Union Bank gets $30Mn loan from IFC to lend to SMEs
- African countries open to cheaper flights to boost domestic travel
- Majority of Kenyans buy from companies with distinctive branding – Report
- Tapping into the potential of Africa’s music industry
- Breaking the Cycle: Strategies for Managing Black Tax
Browsing: Soraya Hakuziyaremye
In October 2021 Nigeria became the first country in Africa and of among few in the world to issue a digital currency that was dubbed ‘eNaira’.
Financial experts say the digital currency issued by central banks cut transaction costs and increase financial inclusion.
Maurice Muhiza Rwamigabo, Head of Exploration & Coordinator at the Accelerator Lab (an innovation and technology lab) of the United Nations Development Programme (UNDP) in Rwanda, said in an opinion article titled ‘Should Rwanda adopt a national digital currency?’ that if Rwanda wants to restructure its financial system and position itself as an important player in the future global economy, it should systematically assess and take the steps needed to develop its own Central Bank Digital CBDC.
“A CBDC would offer Rwandans a safe, free, and easy alternative to cash. It would expand financial inclusion by enabling more of the unbanked population to participate in the formal …
