This paper, based on a sur­vey to cen­tral banks, ana­ly­ses the development,
moti­va­tions and con­cerns of cen­tral bank digi­tal cur­ren­ci­es (CBDCs) in Africa
rela­ti­ve to other emer­ging and deve­lo­ping regi­ons. The inte­rest of Afri­can central
banks in CBDCs has shot up in recent times. While all of tho­se sur­vey­ed are
ana­ly­sing CBDCs, only few have pro­jects at advan­ced sta­ges (pilot or live). Some
coun­tries, in par­ti­cu­lar in East and West Afri­ca, stand out as pro­mo­ting fast
pay­ment sys­tems through mobi­le money, but half of the sur­vey­ed cen­tral banks
think that CBDCs can pro­vi­de a supe­ri­or solu­ti­on. Like their peers, a key motivation
for Afri­can cen­tral banks is achie­ving grea­ter pay­ment sys­tem effi­ci­en­cy. In
addi­ti­on, a hig­her pro­por­ti­on than in other regi­ons see poten­ti­al bene­fits for
mone­ta­ry poli­cy, an important con­si­de­ra­ti­on for a regi­on whe­re the transmission
mecha­nism is weak. Cen­tral banks in Afri­ca also place more empha­sis on financial
inclu­si­on. The­se fac­tors could fos­ter CBDC issu­an­ce and favour adop­ti­on. At the
same time, they are more worried than other regi­ons about cyber secu­ri­ty risks
and cross-bor­der spillovers and are also con­cer­ned about high operational
bur­dens. The­se fac­tors and others, such as the high degree of infor­ma­li­ty that may
hin­der adop­ti­on, favour a cau­tious approach. All in all, dif­fe­ren­ces in
moti­va­tions, con­cerns and other coun­try-spe­ci­fic fac­tors deter­mi­ne how
cen­tral banks are approa­ching CBDCs.

Quel­le: Cen­tral bank digi­tal cur­ren­ci­es in Africa

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