The report by BIS shows that African countries have a positive attitude towards adopting CBDC.
The survey of central banks on the continent revealed that the belief in the CBDC is high.
BIS Report Highlights Interest in CBDC
According to the Bank for International Settlements (BIS) report, the majority of central bankers in Africa believe in CBDC.
The 19 African central banks included in the report also expressed an active interest in the CBDC. There is a retail CBDC project in pilot phase in Ghana, while a CBDC project for corporate use is underway in South Africa.
Central bank officials feel that issuing a CBDC will save a lot compared to printing notes and coins. However, bankers believe that with the CBDC, African financial inclusion will also increase. Because the percentage of Africans who currently have a bank account is limited to only 48%.
The report shows that Sub-Saharan Africa accounts for two-thirds of the world’s money transfers by volume and more than half of all users. It is believed that CBDC can also increase competition in this field and reduce costs.
