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The National Bank of Rwanda (NBR) is looking to develop its CBDC in the next two years, as part of efforts to streamline the financial system and position Rwanda as an important player in the future global economy. The central bank launched a public consultation in early May 2024 that closes at the end of June 2024, after which about six months of proof of concept work will commence. It looks to have "everything on the table within the next two years". The NBR's preferred option is to have a retail CBDC distributed through banks, but it is also looking at indirect (or "synthetic") CBDC, although the central bank is mindful of the potential bank disintermediation risk under the latter option.

The National Bank of Rwanda is reportedly studying the possibilities of issuing central bank digital currency (CBDC). According to John Karamuka, the Director of Payment Systems at the central bank, their assessment and study is looking at economic, financial and technology aspects related to CBDC as well as the operationalization model, taking into account the local context. "The study is also analysing the implication of the CBDC on monetary policy and financial stability."

In Rwanda the value of funds transferred via mobile money grew by 450% between January and April data from Rwanda Utilities Regulation Authority shows. The central bank and local telcos temporarily removed charges on transfers between bank accounts and mobile wallets, mobile money transfers, and merchant fees on payments for all contactless transactions to reduce chances of COVID-19 transmission.

The National Bank of Rwanda (NBR) launched a public consultation on the potential issuance of central bank digital currency (CBDC). A detailed feasibility study, launched in 2023, formed the basis of its approach, that identified four "sweet spots" for a Rwandan CBDC: (i) increase resilience against possible network outages, power failures and natural disasters, (ii) improve innovation and competition, (iii) contribute to achieving the cashless economy national initiative over time, and (iv)develop faster, cheaper, more transparent, and more inclusive crossborder remittances. The consultative paper recommends a cautious iterative approach with multiple proofs of concepts and pilots.

The National Bank of Rwanda has reinstated charges on all cashless transactions after the three months period with zero charges introduced in March this year, as part of the measures to encourage digital transactions due to the New Coronavirus outbreak, elapsed.

The National Bank of Rwanda (NBR) reportedly has determined that a retail CBDC is needed in the country. However, the central bank is still in the early stages of its CBDC research, and it will take about two years before it would ready for launch.

The IMF published a paper that combes administrative data on credit, internet penetration and a land reform in Rwanda, to showsthat the complementarity between technology and law can overcome financial frictions. Leveraging quasi-experimental variation in 3G availability from lightning strikes and incidental coverage, it shows that mobile connectivity steers borrowers from microfinance to commercial banks and improves loan terms. These effects are partly due to the role of 3G internet in facilitating the acquisition of land titles from the reform, used as a collateral for bank loans and mortgages. The paper quantifies that the collateral's availability mediates 35% of the overall effect of mobile internet on credit and 80% for collateralized loans.

Tigo Tanzania launched a service that allows all Tigo Pesa customers to send and receive cash on their mobile money wallets from M-PESA in Kenya, MTN in Uganda and MTN and Airtel in Rwanda.

The National Bank of Rwanda will reportedly complete its CBDC research by the end of December 2022, according to central bank Deputy Governor, Soraya Hakuziyaremye, after which  it will have a clear policy on whether it will issue the CBDC or not. Financial inclusion will be the primary goal.

The National Bank of Cambodia's (NBC's) Bakong online banking and mobile payments app has seen its adoption levels surpass 10 million accounts (about 60% of Cambodia's population. Bakong allows Cambodians to transfer and receive digital funds using their smartphones without traditional bank accounts. The NBC has also established cross-border payment connectivity with Thailand, Laos, and Vietnam, and signed MOUs with the Central Bank of Solomon Islands, the Reserve Bank of Fiji, and the National Bank of Rwanda, to expand the reach of Bakong to these countries. In addition, the NBC has signed a memorandum of cooperation with Japan's Ministry of Economy, Trade and Industry, to facilitate QR code-based payments between Cambodia and Japan.