In the process to expand access to banking and allow more remittances, Nigeria has become among the first African countries to launch a digital currency (eNaira).
The launch came months after the government banned financial institutions from using crypocurrency-related transactions in Nigeria claiming the digital currency is used for money laundering and terrorism.
However, critics see the eNaira as a way for the Central Bank of Nigeria (CBN) to gain power to monitor private citizens’ financial footbrint.
In 2019 Tunisia became the first African country to move its currency to block chain platform calling it eDinar. Senegal followed and started eCFA.