Fintech Notes

Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa: A Regional Survey

Author/Editor:

Luca A Ricci ; Calixte Ahokpossi ; Anna Belianska ; Khushboo Khandelwal ; Sunwoo Lee ; Grace B Li ; Yibin Mu ; Saad N Quayyum ; Silvia G Nunez ; Jack J Ree ; Marcos Rietti Souto ; Felix F. Simione

Publication Date:

March 27, 2024

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

This Fintech Note reports key findings from the Sub-Saharan Africa Central Bank Digital Currency (CBDC) and Digital Payments Survey, shedding light on the motivations, benefits, and challenges of CBDC adoption, as well as the developments of digital private money and crypto assets in sub-Saharan Africa. It emphasizes the pivotal role of collaboration and shared knowledge in navigating the intricate landscape of digital currencies and assets in sub-Saharan Africa. As this evolving digital frontier is explored, the experiences and aspirations of the region’s central banks, as expressed in the survey, will help harness the potential for digital currencies, assets, and payments, and foster cooperation among countries in sub-Saharan Africa. A forthcoming IMF Departmental Paper will focus on key issues for countries in sub-Saharan Africa pertaining to CBDCs, private digital payments, and crypto assets. It will provide a deeper discussion of the benefits, costs, and risks of these digital payment systems and present policy options to enhance financial digital development and inclusion, while safeguarding macroeconomic and financial stability.

Series:

Fintech Notes No 2024/001

Subject:

Central Bank digital currencies Central Banks Digital financial services Economic sectors Financial markets Mobile banking Payment systems Technology

Frequency:

occasional