You are therefore invited to participate in the survey. ” The central bank assured that all responses would be treated with “the utmost confidentiality” and used strictly for research on “the design, nature and acceptability of CBDC in Zimbabwe. ” Having conducted study tours to countries with advanced CBDC ecosystems such as China and Nigeria, the RBZ has developed a draft roadmap for adoption.
This plan envisions a gradual, risk-managed rollout beginning with pilot projects targeting specific user groups before nationwide deployment.
Unlike cryptocurrencies such as Bitcoin — which are privately issued and volatile — CBDCs are digital forms of central bank money pegged one-to-one to the national currency and recognized as legal tender.
Officials note that a domestic CBDC could modernize Zimbabwe’s payment systems, improve financial inclusion, and enable more efficient interbank settlements.
It would also enhance the central bank’s ability to monitor money flows, potentially curbing illicit transactions and strengthening monetary policy transmission.
Globally, more than 10 countries have fully launched CBDCs, with China’s e-CNY leading large-scale pilots and set for further expansion.
The Bahamas’ Sand Dollar and Jamaica’s Jam-Dex are operational, while the European Central Bank advances work on a digital euro.
In Africa, Nigeria’s e-Naira, launched in 2021, remains the continent’s most prominent CBDC.
Despite initial challenges such as low uptake and public skepticism, Nigerian authorities have successfully used the e-Naira to distribute targeted welfare payments and promote cashless transactions during banknote shortages.
Adoption accelerated when authorities integrated the e-Naira into mobile banking apps and incentivized usage through transaction fee waivers—lessons the RBZ is studying to avoid similar pitfalls.
Zimbabwe’s economy, highly constrained by cash shortages and a large informal sector with limited access to formal banking—especially in rural areas—stands to benefit significantly from a well-designed CBDC.
If engineered for offline transactions and compatibility with basic feature phones, it could bring digital financial services to millions currently excluded from the formal banking system.
Additionally, the costly and slow processes for cross-border trade and remittances—vital to Zimbabwe’s economy—could be transformed by interoperable CBDCs that enable instant, low-cost settlements with regional partners.
An analyst familiar with the RBZ plan described the potential benefits as “transformative,” noting that a CBDC could reduce cash reliance, lower transaction costs, increase transparency, and even stabilize the currency by reducing speculative activity in parallel markets.
Yet consumer trust remains the critical factor for success.
Globally, CBDCs face skepticism driven by concerns over privacy, fears of government surveillance, and doubts about currency stability, especially in countries with volatile economies.
For Zimbabwe, confidence in the Zimbabwe dollar is key, as citizens may otherwise perceive the CBDC as simply another weak currency variant.
Furthermore, the central bank must assure users that their transaction data will be protected and not used beyond regulatory purposes.
The CBDC must also seamlessly integrate with existing payment platforms such as EcoCash, ZIPIT, and banking apps to encourage widespread adoption.
Aware of these challenges, the RBZ’s survey explicitly invites public input on the currency’s design and acceptance, signaling an intent to engage citizens more inclusively than past monetary reforms have done.
Zimbabwe’s turbulent monetary history, marked by hyperinflation, abrupt currency changes, and limited public consultation, has eroded trust in official money.
CBDC advocates within the central bank believe that open consultation and controlled pilot projects will build credibility and avoid repeating past mistakes. “Public engagement is not just a formality, it’s a prerequisite for success,” said a senior RBZ source. “If people feel they’ve been heard and that the currency works for their needs, adoption will follow naturally. ” Regionally, central banks in Southern Africa are increasingly discussing interoperability of digital payment systems.
The Southern African Development Community’s Real-Time Gross Settlement (SADC-RTGS) system currently facilitates large-value payments, but interoperable CBDCs could make cross-border trade settlements instantaneous and reduce reliance on foreign currencies like the US dollar and South African rand.
For Zimbabwe, this could translate into faster, cheaper payments with key trading partners such as South Africa, Mozambique, Zambia, and Botswana, while mitigating currency conversion losses.
However, the rollout of CBDCs is not without risks.
Cybersecurity threats, system outages, and the possibility of disintermediating commercial banks pose significant concerns.
Poorly managed implementation could lead to rapid shifts of deposits from banks to CBDC wallets, destabilizing the financial sector.
The RBZ is expected to incorporate safeguards including transaction limits, tiered know-your-customer (KYC) requirements, and contingency plans for offline transactions. “Technology is just one part of the puzzle,” a regional payments expert told Business Times. “The governance framework, security protocols, and public communication strategy will be equally important. ” The RBZ’s current survey marks a decisive shift toward inclusive policy-making.
Available online and through selected physical channels, it seeks to gather diverse opinions from urban professionals to rural traders.
Strong participation will allow the central bank to release a comprehensive report later this year, which will guide the final design of Zimbabwe’s CBDC.
CBDCs are digital versions of cash issued and regulated by central banks, providing a more secure and stable alternative to cryptocurrencies.
Many African countries, including Botswana, Ghana, Kenya, South Africa, Tanzania, and Uganda—are at various stages of CBDC development and crypto regulation.
Zimbabwe’s accelerated effort aligns with this continental momentum and the global shift toward cashless economies.
Experts believe CBDCs could significantly enhance financial inclusion by providing services to people without bank accounts, especially if designed to function offline on simple feature phones, making digital transactions accessible even in remote areas with limited internet connectivity.
Nonetheless, Zimbabwe must improve its digital infrastructure and strengthen technical capacity to manage data privacy, counter cyber threats, and uphold financial integrity.
This will require enhanced national identification systems to facilitate effective KYC enforcement.
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