East African Central Banks Raise Doubts on Regional CBDC by 2024

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The East African currency project in 2024 collapsed after the EAC Council of Ministers, the central decision-making and governing organ of the EAC, resolved that this deadline is not feasible, citing delays by member countries in realizing targets set out in the Monetary Union roadmap.

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In a virtual meeting held on March 4, the Committee, chaired by Kenyan Central Bank governor Patrick Njoroge, singled out the cross-border payment systems, arguing that there is still more progress which needs to be done on this front.

Citing delays by member countries, the Committee pledged to work with the EAC Secretariat and other stakeholders in the EAC integration process to fast-track pending activities of the EAMU roadmap.

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Here is a list of the total achievements of the EAC so far:

Creation of key institutions of the EAMU.
Harmonization of monetary and exchange rate policies.
Harmonization of regulatory frameworks.
Implementation of measures to strengthen regional payments systems.
Enhancement of cybersecurity frameworks.

The Democratic Republic of Congo became the latest member of the East African Community when it officially joined in March 2022, growing the community of countries in the East of Africa to 7.

Read More: African Regional Bank BEAC, Urger To Introduce Common Digital Currency .

Here is the list of EAC member nations:

  • Kenya
  • Uganda
  • Tanzania
  • Rwanda
  • Burundi
  • South Sudan
  • Democratic Republic of Congo (DRC)

Other countries in East Africa that were still researching CBDCs include:

  • Kenya
  • Rwanda
  • Tanzania
  • Uganda.

Nigeria is the first in Africa to have an already working CBDC while Ghana and South Africa are still in the pilot stage.

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