Kenya central bank considers digital currency

Exploring a digital currency opens up the Kenya economy to diverse economic resources beyond the traditional financial assets

Inclusion Times Gabriel Enyinwa

The central bank of Kenya has sort public opinion on its latest consideration of a national electronic currency. Kenya's Central Bank seeks to assess the general acceptance of a digital currency. Working with citizens, the government welcomes views on how this move can be of interest or impediment to the country. This event follows the approval of the amendment act by President Kenyatta in December 2021, giving the Central bank the power to regulate digital credit providers. However, the central bank has shown willingness to go the extra mile by participating in digital finance.

Kenya is home to M-Pesa, and the mobile money powerhouse has shown firsthand how profitable the financial technology ecosystem is, with over 50% growth yearly and revenue of about 146 billion shillings. Spiking interest in digital finance in all sectors, including the government. Exploring a digital currency opens up the Kenya economy to diverse economic resources beyond the traditional financial assets. In addition, financial technology will attract global interest and investors as a worldwide audience characterizes the FinTech ecosystem.

The largest economy in East Africa is not just passionate about any development but development in technology, as technology holds the key to entering a class of outstanding success in the future. Sustaining relevance in that region and the entire African continent requires innovative thinking. The central bank believes this and has chosen a collaborative growth with the Kenyan community.

Kenya in focus:

Population: 53.77 million in 2020 as compared to 52.57 million in 2019

GDP: $98.84 billion compared to $95.5 billion in 2019

GDP per capita: $1,838 in 2020 compared to $1,816 in 2019

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Gabriel Enyinwa

Writer | Columnist