Fintech Notes

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Format: Chicago

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, and Felix F. Simione Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa: A Regional Survey, (USA: International Monetary Fund, 2024) accessed December 11, 2024

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.

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

Keywords: CBDC benefit, CBDC design, Central Bank digital currencies, Central bank digital currency, Crypto assets, Digital financial services, Digital payments, E-Money, Fast payment systems, IMF Fintech Note 2024/001, IMF Library, Mobile banking, Mobile money, Payment systems, Sub-Saharan Africa, Sub-Saharan Africa CBDC survey

Publication Details

  • Pages:

    91

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Fintech Notes No 2024/001

  • Stock No:

    FTNEA2024001

  • ISBN:

    9798400273025

  • ISSN:

    2664-5912