Kenya opens for public inputs on central bank digital currency eNaira

The central financial institution of Kenya has called for public input on discussion related to the eNaira, the central bank digital currency (CBDC). The Central Bank of Kenya will open public consultation until May 20.

The bank also issued a discussion paper on the role of the central bank digital currency in the future. The central bank of Kenya will look in particular for solutions for the faster cross border payments, and mobile payments having in mind the widespread use of mobile networks in Kenya. Key areas highlighted are:

i. Financial stability and payments resilience
ii. Mitigating systemic risks
iii. Enhanced cross-border payments

Kenya will join other seven African states that have already announced the work on the digital currency issued by the central banks. Nigeria already launched the pilot CBDC program back in 2021.