The deputy governor of the Reserve Bank of Zimbabwe, Innocent Matshe recently said his institution will proceed with plans to launch its own digital currency. In addition to sending a team to learn from the Central Bank of Nigeria’s experiences.
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Zimbabwe is drawing lessons from Nigeria as it pursues plans for its own central bank digital currency and won’t be deterred by lackluster interest shown in that country.
The slow uptake of the eNaira, Africa’s first CBDC, is unlikely to sway Zimbabwe’s decision-making, according to Innocent Matshe, deputy governor of the southern African nation’s Reserve Bank. Preparations remain in place to introduce a digital currency despite the jury being “still out” on the concept, he said.
Matshe shared that in order to prepare plans for CBDC, the government sent teams to visit several central banks around the world including Ghana and China to study their digital currencies.
Furthermore, Matshe added that the digital currency will have its own specificities. The Deputy Governor explained that the government is not thinking of linking the CBDC to any particular currency as it is still looking at other options.
Zimbabwe is currently suffering from currency issues as the local dollar has lost more than 80% of its value against US dollars in 2022. The US dollar is also used in the country as an alternative currency. As for the eNaira, less than 0.5% of Nigerians use it. The slow adoption has caused the central bank to look at new ways to stimulate interest amongst the masses in digital currency. As a result, the government is offering discounts to drivers and passengers of three-wheeler cabs to encourage the use of eNaira.