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Kenya Set Plans To Launch Central Bank Digital Currency.

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The Governor, Central Bank of Kenya, Patrick Njoroge, has announced that consideration are underway for the East African nation to launch it’s digital currency, stressing that the regulatory body will take it’s time to ensure that the bank got it right.

Njoroge confirmed the bank’s plans for a central bank digital currency (CBDC) following months of speculation after Nigeria became the first African nation to float a CBDC. Kenya will be following in the footsteps of Nigeria, Ghana and South Africa who have unveiled plans for retaill CBDCs.

The governor note that major focus of the proposed digital currency ,CBDC, will be to facilitate cross-border financial activities.

The governor has indicated that CBDCs can enhance the efficiency of cross-border payments, but he insists that countries need to work together for those benefits to be enjoyed.

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