Undeterred by the reported slow adoption of the Nigerian central bank digital currency, 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, Zimbabwe has also reportedly sent teams with a similar mission to countries like China and Ghana.
‘Jury Is Still Out’ on CBDCs
The reported slow embrace of Nigeria’s central bank digital currency (CBDC) or the e-naira will not dissuade the Zimbabwean central bank from working on its own CBDC, Innocent Matshe, the bank’s deputy governor has reportedly said. He said that while the “jury is still out,” on CBDCs, his institution will still proceed with its digital currency launch preparations.
As previously reported by Bitcoin.com News, fewer than anticipated Nigerian adults have downloaded or are using the CBDC when making payments. Some reports have estimated the number of active e-naira wallet users to be around 5% of Nigeria’s adult population. Experts have tied the slow adoption of the e-naira to the digital currency’s failure to live up to the promises made prior to its launch.
Meanwhile, one Nigeria expert, Chiagozie Iwu, the founder of Naijacrypto a local digital currency exchange, told Bitcoin.com News that instead of competing with fintechs, the Central Bank of Nigeria needs “to create a more friendly environment to support fintech and blockchain-based innovations.”