The time line for the strategy development will allow for leveraging and building on the progress which is expected to be made under Subcomponent 2.1; hence, it will look at specific aspects relating to the promotion of digital financial services, beyond payments. Subcomponent 2.2.2. Innovative Pilots to Promote Uptake of Financial Services and Products.”  World Bank

Digital Payments

The BEAC is the Bank of Central African States and provides monetary policy to – Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo. 

The official currency is the Central African CFA Franc which was fixed to the French Franc, and today to the Euro. 

The member countries have high levels of unbanked people, and one objective set out by the BEAC with the World Bank and the AFI is to digitize payments. 

There is extensive corruption in West Africa, and the timeline to integrate digital services will take some time and a lot of work.

There are no specific CBDCs timelines. When the Euro itself is digital then these integrations will be far simpler.

The AFI provides a platform for discussions for digital services.

 

 

 

 

By cryptorocks_editor

Editor.