After Nigeria become the first country in the African continent to pioneer a digital currency, other countries are following the new trend.
Kenya central bank issued a white paper document calling the public to share their views before May 20th, on the possibility of digital currency adoption.
The move comes after Zambia announced is currently testing its viability and adoption of digital currency.
The Central Bank of Kenya (CBK) said, “the trend in Kenya’s domestic payments indicates the existence of a digital currency (e-money) that is robust, inclusive and highly active. Therefore, the consideration to introduce a CBDC in the payments system in Kenya would not majorly focus on enhancing access to financial services given the existing and growing penetration of mobile money.”
“Looking to the horizon, it will be critical to connect our payment systems across the region and globally. Existing proposals indicate that CBDC might hold the potential to achieve this interoperability,” said the CBK.
The CBK says digital money is not new to the Kenyans, they have been through this journey before with mobile money such as M-pesa.
“The trend in Kenya’s domestic payments indicates the existence of a digital currency (e-money) that is robust, inclusive and highly active. Therefore, the consideration to introduce a CBDC in the payments system in Kenya would not majorly focus on enhancing access to financial services given the existing and growing penetration of mobile money,” said the CBK.
Leave a Reply