Time flies with great content! Renew in to keep enjoying all our premium content.
Prime
Mobile money likely to tip scales in favour of central bank-backed digital currencies
Kenyan financial industry players, including banks, have warned that issuing a Central Bank Digital Currency (CBDC) may spark the collapse of an unspecified number of banks. FILE PHOTO | SHUTTERSTOCK
The widespread adoption of mobile money in sub-Saharan Africa, led by Kenya, has laid sufficient ground for policymakers to effect the introduction of digital currencies, analysts have said.
The dramatic impact that mobile money has had on the financial revolution sends a favourable signal towards the implementation of Central Bank Digital Currencies (CBDCs) that governments across the world have been mulling for years, says Kenya’s ambassador to Belgium Bitange Ndemo and financial analyst Aaron Thegeya in a study published jointly.
