Private cryptocurrency providers are also increasing on the continent and even central banks are making sure they aren't left behind, by exploring better ways to create and own virtual money, inside secure ecosystems.
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Africa’s appetite for digital currencies is growing
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A Central Bank Digital Currency tracker from US think-tank, Atlantic Council, shows six African countries are among 81 countries in the race to revolutionize global finance. The tracker shows that Nigeria, which has been exploring the option of a digital naira over the last two years, is taking the lead on the continent. With that possibility the country may launch a pilot scheme for its citizenry before the end of 2021. According to the west African country’s central bank, Nigeria is keen to improve the efficiency of the flow in foreign remittances, the country’s second largest forex earner after oil. A digital currency could assist.
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