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By Ross Moyo
Zimbabwe comes out second to none amongst African Central Banks exploring digital currencies in 2025, topping the list through deployment of the not so locally popular gold – backed Zimbabwe Gold (Zig) digital currency.
With digital finance sweeping across the globe, Africa is not lagging behind as currently , African countries are actively researching, piloting, or rolling out Central Bank Digital Currencies (CBDCs), a testament to the continent’s growing commitment to fintech innovation and financial inclusion.
These CBDCs are government-issued digital versions of national currencies, secured, traceable, and issued directly by apex banks. Unlike cryptocurrencies, they are legal tender and function alongside traditional cash and as African central banks explore this next frontier, they aim to close financial inclusion gaps, streamline cross-border payments, and modernize monetary systems.
Rolling out a CBDC in Africa isn’t just about tech; it’s about navigating fragmented infrastructure, regulatory complexity, and diverse digital literacy levels with Zimbabwe leading the pack of African countries making major strides in digital currency exploration as of 2025.
1. Zimbabwe – Deployed Zig its Gold-Backed Digital Currency
Following then Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya’s hand over take over as predecessor to his Successor John Mushayavanhu, current Governor of the Reserve Bank of Zimbabwe last year in April 2024, Dr Mangudya first toured RBZ with his Successor and Principal President Mnangagwa showing them the sufficient gold reserves he had left the country for the incoming Monetary boss to govern.
In an innovative twist, Zimbabwe launched ZiG, its gold-backed CBDC designed to combat hyperinflation and restore trust in its monetary system.
Mushayavanhu took over the physical gold reserves Mangudya left held by the Reserve Bank of Zimbabwe (RBZ), linking the gold to the ZiG now the only local legal payment method, usable via electronic wallets and cards. During Governor Mangudya’s term in 2022, a survey found “72% of Zimbabweans were open to using a CBDC, paving the way for strong uptake.”
The introduction of ZiG was a response to the high levels of inflation and the widespread distrust in the Zimbabwean dollar. The Reserve Bank of Zimbabwe (RBZ) is now working on the technical infrastructure to support the ZiG, including dedicated accounts for ZiG within the banking system.
Meanwhile Africa’s growing CBDC momentum reflects a blend of ambition and urgency. Governments are seeking to modernize their economies, expand inclusion, and secure financial sovereignty.
Each country’s approach varies, but the shared goal is clear: a resilient and inclusive digital financial future, made in Africa.
After Zimbabwe which comes out first, second is Zimbabwe’s neighbor Namibia.
2. Namibia
IMF, is giving Guidance to Namibians Exploring With Caution through Johannes Gawaxab, Governor of the Bank of Namibia.
Bank of Namibia (BoN) is working with the IMF to explore a retail CBDC, with a focus on cross-border efficiencies and underserved populations.
IMF completed a mission to assess the feasibility and recommended that Namibia benchmark its plans against alternative solutions in early 2025.Namibia is now building internal capacity and a regulatory roadmap.
IMF said its mission team conducted technical assistance (TA) from January 15 to February 1, 2024 In a report released in February 2025.The mission assisted the authorities in establishing the groundwork for a feasibility study of a retail central bank digital currency (rCBDC) and drafting a roadmap for the BoN’s CBDC exploration.
3. Zambia
Zambia follows Zimbabwe and Namibia coming third in Building Research-Backed Policy Options led by Dr. Denny H Kalyalya, Governor of the Bank of Zambia.
Hakainde Hichilema’s apex bank boss and Zambia’s central bank is studying the policy and technological frameworks for implementing a CBDC. The research focuses on how a digital currency could improve inclusion, transaction traceability, and payment system integrity.
Zimbabwe’s other neighbor has yet to announce a definitive timeline but continues to engage experts and explore public-private partnerships to guide the next steps.
Bank of Zambia has been studying the pros and cons of a CBDC and is expected to use the results of this research to inform policy decisions on whether to proceed with its introduction.
The CBDC could potentially offer benefits like increased financial inclusion, improved payment system efficiency, and greater traceability of transactions in Zambia.
4. Tanzania
Another Southern African country Tanzania comes fourth Taking a Phased, Risk-Based Approach with Emmanuel Tutuba, Tanzania Central Bank Governor championing the digital currency.
Bank of Tanzania (BoT) is preparing a deep dive report on the implications of issuing a digital Tanzanian shilling.
Its study will assess the potential impact of digital shilling on the Tanzanian financial ecosystem and explore the feasibility of its adoption.
By Adopting a risk-aware strategy, BoT is evaluating legal, cybersecurity, and operational implications before committing to a full launch. The research phase reflects Tanzania’s cautious but forward-thinking approach.
5. Rwanda
Rwanda is the first African country not from Southern Africa closer than most African nations closer to a digital currency.
Rwanda’s Feasibility Tested, Launch Targeted for 2026 by Ms Soraya Hakuziyaremye, Governor of the National Bank of Rwanda.
National Bank of Rwanda completed a comprehensive feasibility study in 2024 and plans to launch a retail CBDC by 2026. The study identified four “Sweet Spot” use cases where a digital Rwandan franc would outperform other solutions.
Rwanda is launching a proof-of-concept phase, including a six-month cross-border pilot to assess scalability and interoperability following public feedback.
The four identified Sweet Spots for CBDC, within the Rwandan context, are: 1. To increase resilience against possible network outages, power failures and natural disasters; 2. To improve innovation and competition 3. To contribute to achieving the cashless economy national initiative over time; 4. To develop faster, cheaper, more transparent, and more inclusive cross-border remittances.
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