Bank for International Settlements: Interest in CBDCs surges among African central banks, though only a handful of central bank projects are in advanced stages

According to a report on African Central Bank Digital Currencies (CBDCs) published by the Bank for International Settlements (BIS), interest in CBDCs has surged among African central banks, with all surveyed central banks analyzing CBDCs but only a handful of projects at an advanced stage. A major motivation of the African Central Bank is to achieve greater efficiency in the payment system. Currently, only Nigeria has issued a retail central bank digital currency eNaira for public use, Ghana is piloting a retail CBDC project, and South Africa is running a wholesale CBDC project for institutional use.