The National Bank of Rwanda has disclosed its plan to introduce digital currencies in 2026 as an alternative to physical cash.
There are 11 Central Banks in the world that has issued digital currency options to their citizens.
Ghana, Nigeria, and South Africa are the only African countries that are on the initial stages of introducing them.
The digital currency will be interlinked with Rwanda’s ambition to morph itself into an ICT hub and a cashless economy, a position that currently fits Kenya best.
Rwanda Central Bank’s deputy Governor, Soraya Hakuziyaremye, said the digital form of cash. In the same way Rwandans use banknotes, coins to buy things, or even electronic payments to send money, the central bank digital currency would do the same.
“After carrying out a feasibility study alongside banks, fintechs, and payment platforms, Rwanda discovered that the main risk inherent in the CBDC plan is lack of adoption. This would effectively make the roll out useless and pointless in its aims.
“We are mindful of our region. For instance, when we look at countries that have undertaken research or piloting, currently we have close to 86 countries that have formally started piloting or are at the same level with us in research”.
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