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CBN Governor, Godwin Emefiele welcomes delegation from Bank of Uganda (BoU) on an experience sharing tour of the CBN’s Central Bank Digital Currency (CBDC) project e-Naira.#Emefiele advises Bank of Uganda on establishment of Central Bank Digital Currency (CBDC).#enaira #cbdc pic.twitter.com/tlB7mAP6aa
— Central Bank of Nigeria (@cenbank) May 10, 2022
Nigeria’s experience in launching the first CBDC in Africa, and among the first in the world, is being sought by officials of the Bank of Uganda (BoU) which continues to explore its own CBDC.
In a tweet, the Central Bank of Nigeria (CBN) indicated that Governor, Godwin Emefiele, had advised visiting Bank of Uganda officials on the establishment of a Central Bank Digital Currency (CBDC).
According to Nigerian news outlets, the Governor indicated that they are looking to entrench financial inclusion with the CBDC (eNaira) noting that Uganda could benefit from similar steps towards financial inclusion.
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According to Nigerian news outlets, the Governor indicated that they are looking to:
- Entrench financial inclusion with the CBDC (eNaira), noting that Uganda could benefit from similar steps towards financial inclusion
- Enhance relationship between mobile banking and doing business online, while they are still treading cautiously
The Central Bank of Nigeria has been on a sensitization campaign across marketplaces and cities in Nigeria where it has continued campaigns urging people to use the e-Naira, even saying it is better than bitcoin.
Launched in October 2021, the CBDC has been ranked first in a report by 2022 PwC CBDC Global Index, among different efforts by central banks to establish Central Bank Digital currencies (CBDCs).
The same report established that, while most countries are pursuing CBDCs for varied reasons, some of the top reasons identified by PwC include:
- Increasing financial inclusion
- Facilitating cross-border payments
- Controlling financial crime
For the Bank of Uganda, according to the Bank’s Executive Director of Operations, Charles Abuka, BoU is exploring the necessity of the CBDC and ‘what issues it is going to help resolve.’
However, there are concerns the digital money will affect financial inclusion, particularly in respect to rural communities due to a lack of internet and technology access.
East African counterparts such as Kenya, Tanzania, and Burundi have all indicated CBDC plans.
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