The Future of Money: Can Africans Trust their Governments with digital currencies?

In full throttle the world is diving deeper into the Fourth Industrial Revolution (4IR).  Resultantly, among the new wave of technologies marking this new era is the adoption of digital currencies such as a CBDC. This relatively nascent era of economic disruption has birthed a need for digital currencies and we might very well be in the twilight years of using the traditional fiat currency. In his book, “The Future of Money: How the Digital Revolution is Transforming Currencies and Finance” economist Eswar Prasad, predicts that the era of cash is drawing to an end and that of central bank digital currencies and other forms of digital cash has begun. Indeed the future of money is evolving and already several countries across the globe are particularly piloting the Central Bank Digital Currencies (CBDCs). In Africa, albeit slow, the concept of CBDC's adoption is gaining momentum with several nations in the exploration or piloting phases. Nigeria has launched the ‘e-Naira’ becoming the second country after the Bahamas to roll out a CBDC. By the same token, the South African Reserve Bank is experimenting with a wholesale CBDC, which can only be used by financial institutions for interbank transfers. In addition, the