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