Central Bank Digital Currency And Other Digital Payments In Sub Saharan Africa

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Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa

Mr. Luca A Ricci,Mr. Calixte Ahokpossi,Anna Belianska,Khushboo Khandelwal,Ms. Sunwoo Lee,Ms. Grace B Li,Mr. Yibin Mu,Mr. Saad N Quayyum,Silvia G Nunez,Mr. Jack J Ree,Marcos Rietti Souto,Felix F. Simione
Central Bank Digital Currency and Other Digital Payments in Sub Saharan Africa Book PDF

Author : Mr. Luca A Ricci,Mr. Calixte Ahokpossi,Anna Belianska,Khushboo Khandelwal,Ms. Sunwoo Lee,Ms. Grace B Li,Mr. Yibin Mu,Mr. Saad N Quayyum,Silvia G Nunez,Mr. Jack J Ree,Marcos Rietti Souto,Felix F. Simione
Publisher : International Monetary Fund
Page : 91 pages
File Size : 51,8 Mb
Release : 2024-03-27
Category : Business & Economics
ISBN : 9798400273025

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Central Bank Digital Currency and Other Digital Payments in Sub-Saharan Africa by Mr. Luca A Ricci,Mr. Calixte Ahokpossi,Anna Belianska,Khushboo Khandelwal,Ms. Sunwoo Lee,Ms. Grace B Li,Mr. Yibin Mu,Mr. Saad N Quayyum,Silvia G Nunez,Mr. Jack J Ree,Marcos Rietti Souto,Felix F. Simione Pdf

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.

Central Bank Digital Currency's Role in Promoting Financial Inclusion

Ashley Lannquist,Brandon Tan
Central Bank Digital Currency s Role in Promoting Financial Inclusion Book PDF

Author : Ashley Lannquist,Brandon Tan
Publisher : International Monetary Fund
Page : 37 pages
File Size : 46,9 Mb
Release : 2023-09-22
Category : Business & Economics
ISBN : 9798400253331

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Central Bank Digital Currency's Role in Promoting Financial Inclusion by Ashley Lannquist,Brandon Tan Pdf

Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC). If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments. CBDC can then serve as an entry point to the broader formal financial system. CBDC has special aspects that may benefit financial inclusion, such as being a risk-free and widely acceptable form of digital money, availability for offline payments, and potentially lower costs and greater accessibility. However, CBDC is not a panacea to financial inclusion, and additional experience is needed to fully understand its potential impact.

Cash Use Across Countries and the Demand for Central Bank Digital Currency

Mr.Tanai Khiaonarong,David Humphrey
Cash Use Across Countries and the Demand for Central Bank Digital Currency Book PDF

Author : Mr.Tanai Khiaonarong,David Humphrey
Publisher : International Monetary Fund
Page : 43 pages
File Size : 48,9 Mb
Release : 2019-03-01
Category : Business & Economics
ISBN : 9781498301824

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Cash Use Across Countries and the Demand for Central Bank Digital Currency by Mr.Tanai Khiaonarong,David Humphrey Pdf

The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.

The Global Findex Database 2017

Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar
The Global Findex Database 2017 Book PDF

Author : Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar
Publisher : World Bank Publications
Page : 148 pages
File Size : 47,9 Mb
Release : 2018-04-19
Category : Business & Economics
ISBN : 9781464812682

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The Global Findex Database 2017 by Asli Demirguc-Kunt,Leora Klapper,Dorothe Singer,Saniya Ansar Pdf

In 2011 the World Bank—with funding from the Bill and Melinda Gates Foundation—launched the Global Findex database, the world's most comprehensive data set on how adults save, borrow, make payments, and manage risk. Drawing on survey data collected in collaboration with Gallup, Inc., the Global Findex database covers more than 140 economies around the world. The initial survey round was followed by a second one in 2014 and by a third in 2017. Compiled using nationally representative surveys of more than 150,000 adults age 15 and above in over 140 economies, The Global Findex Database 2017: Measuring Financial Inclusion and the Fintech Revolution includes updated indicators on access to and use of formal and informal financial services. It has additional data on the use of financial technology (or fintech), including the use of mobile phones and the Internet to conduct financial transactions. The data reveal opportunities to expand access to financial services among people who do not have an account—the unbanked—as well as to promote greater use of digital financial services among those who do have an account. The Global Findex database has become a mainstay of global efforts to promote financial inclusion. In addition to being widely cited by scholars and development practitioners, Global Findex data are used to track progress toward the World Bank goal of Universal Financial Access by 2020 and the United Nations Sustainable Development Goals. The database, the full text of the report, and the underlying country-level data for all figures—along with the questionnaire, the survey methodology, and other relevant materials—are available at www.worldbank.org/globalfindex.

FinTech in Sub-Saharan African Countries

Mr.Amadou N Sy,Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma
FinTech in Sub Saharan African Countries Book PDF

Author : Mr.Amadou N Sy,Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma
Publisher : International Monetary Fund
Page : 61 pages
File Size : 50,9 Mb
Release : 2019-02-14
Category : Business & Economics
ISBN : 9781484385661

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FinTech in Sub-Saharan African Countries by Mr.Amadou N Sy,Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma Pdf

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.

Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability

European Investment Bank
Banking in Africa Delivering on Financial Inclusion Supporting Financial Stability Book PDF

Author : European Investment Bank
Publisher : European Investment Bank
Page : 297 pages
File Size : 52,8 Mb
Release : 2018-11-21
Category : Business & Economics
ISBN : 9789286138485

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Banking in Africa: Delivering on Financial Inclusion, Supporting Financial Stability by European Investment Bank Pdf

In its fourth edition, this report focuses on recent developments in Africa's banking sectors and the policy options for all stakeholders. The study of banking sectors across all African sub-regions includes the results of the EIB survey of banking groups operating in Africa. Three thematic chapters address challenges and opportunities for financing investment in Africa: Crowding out of private sector lending by public debt issuance The state of bank recovery and resolution laws in Africa Policy options on how to finance infrastructure development. The report finds that in many African banking markets, the last two years saw a pause in financial deepening. However, a rising share of banking groups report improving market conditions and plan a structural expansion of their operations in Africa and a continued push for new technologies.

Regional Integration in West Africa

Eswar Prasad,Vera Songwe
Regional Integration in West Africa Book PDF

Author : Eswar Prasad,Vera Songwe
Publisher : Brookings Institution Press
Page : 203 pages
File Size : 50,5 Mb
Release : 2021-07-13
Category : Business & Economics
ISBN : 9780815738541

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Regional Integration in West Africa by Eswar Prasad,Vera Songwe Pdf

" Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline. This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent. "

Central Bank Digital Currencies in the Middle East and Central Asia

Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang
Central Bank Digital Currencies in the Middle East and Central Asia Book PDF

Author : Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang
Publisher : International Monetary Fund
Page : 66 pages
File Size : 50,8 Mb
Release : 2024-04-26
Category : Business & Economics
ISBN : 9798400263798

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Central Bank Digital Currencies in the Middle East and Central Asia by Serpil Bouza,Bashar Hlayhel,Thomas Kroen,Mr. Marcello Miccoli,Borislava Mircheva,Greta Polo,Sahra Sakha,Yang Yang Pdf

Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.

How Should Central Banks Explore Central Bank Digital Currency?

Gabriel Soderberg,Mr. John Kiff,Hervé Tourpe,Ms. Marianne Bechara,Stephanie Forte,Kathleen Kao,Ashley Lannquist,Tao Sun,Akihiro Yoshinaga
How Should Central Banks Explore Central Bank Digital Currency Book PDF

Author : Gabriel Soderberg,Mr. John Kiff,Hervé Tourpe,Ms. Marianne Bechara,Stephanie Forte,Kathleen Kao,Ashley Lannquist,Tao Sun,Akihiro Yoshinaga
Publisher : International Monetary Fund
Page : 43 pages
File Size : 49,8 Mb
Release : 2023-09-08
Category : Business & Economics
ISBN : 9798400253768

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How Should Central Banks Explore Central Bank Digital Currency? by Gabriel Soderberg,Mr. John Kiff,Hervé Tourpe,Ms. Marianne Bechara,Stephanie Forte,Kathleen Kao,Ashley Lannquist,Tao Sun,Akihiro Yoshinaga Pdf

Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.

Designing Central Bank Digital Currencies

Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Designing Central Bank Digital Currencies Book PDF

Author : Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 51,9 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9781513519883

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Designing Central Bank Digital Currencies by Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia Pdf

We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.

The Promise of Fintech

Ms.Ratna Sahay,Mr.Ulric Eriksson von Allmen,Ms.Amina Lahreche,Purva Khera,Ms.Sumiko Ogawa,Majid Bazarbash,Ms.Kimberly Beaton
The Promise of Fintech Book PDF

Author : Ms.Ratna Sahay,Mr.Ulric Eriksson von Allmen,Ms.Amina Lahreche,Purva Khera,Ms.Sumiko Ogawa,Majid Bazarbash,Ms.Kimberly Beaton
Publisher : International Monetary Fund
Page : 83 pages
File Size : 55,6 Mb
Release : 2020-07-01
Category : Business & Economics
ISBN : 9781513512242

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The Promise of Fintech by Ms.Ratna Sahay,Mr.Ulric Eriksson von Allmen,Ms.Amina Lahreche,Purva Khera,Ms.Sumiko Ogawa,Majid Bazarbash,Ms.Kimberly Beaton Pdf

Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.

FinTech in Sub-Saharan African Countries

Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma,Mr.Amadou N Sy
FinTech in Sub Saharan African Countries Book PDF

Author : Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma,Mr.Amadou N Sy
Publisher : International Monetary Fund
Page : 61 pages
File Size : 40,9 Mb
Release : 2019-02-14
Category : Business & Economics
ISBN : 9781484399453

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FinTech in Sub-Saharan African Countries by Mr.Rodolfo Maino,Mr.Alexander Massara,Hector Perez Saiz,Preya Sharma,Mr.Amadou N Sy Pdf

FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.

The Rise of Digital Money

Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
The Rise of Digital Money Book PDF

Author : Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 20 pages
File Size : 42,8 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498324908

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The Rise of Digital Money by Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli Pdf

This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

The Cash Dividend

Marito Garcia,Charity M. T. Moore
The Cash Dividend Book PDF

Author : Marito Garcia,Charity M. T. Moore
Publisher : World Bank Publications
Page : 441 pages
File Size : 46,6 Mb
Release : 2012-02-21
Category : Business & Economics
ISBN : 9780821388983

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The Cash Dividend by Marito Garcia,Charity M. T. Moore Pdf

This book provides in-depth descriptions and analysis of how cash transfer programs have evolved and been used in Sub-Saharan Africa since 2000. The analysis focuses on program features and implementation, but it also highlights political economy issues and current knowledge gaps.

The Palgrave Handbook of Technological Finance

Raghavendra Rau,Robert Wardrop,Luigi Zingales
The Palgrave Handbook of Technological Finance Book PDF

Author : Raghavendra Rau,Robert Wardrop,Luigi Zingales
Publisher : Springer Nature
Page : 888 pages
File Size : 41,9 Mb
Release : 2021-09-09
Category : Business & Economics
ISBN : 9783030651176

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The Palgrave Handbook of Technological Finance by Raghavendra Rau,Robert Wardrop,Luigi Zingales Pdf

This handbook provides the first comprehensive overview of the fast-evolving alternative finance space and makes a timely and in-depth contribution to the literature in this area. Bringing together expert contributions in the field from both practitioners and academics, in one of the most dynamic parts of the financial sector, it provides a solid reference for this exciting discipline. Divided into six parts, Section 1 presents a high-level overview of the technologically-enabled finance space. It also offers a historical perspective on technological finance models and outlines different business models. Section 2 analyses digital currencies including guides to bitcoins, other cryptocurrencies, and blockchains. Section 3 addresses alternative payment systems such as digital money and asset tokenization. Section 4 deals with crowdfunding models from both a theoretical perspective and from a regulatory perspective. Section 5 discusses data-driven business models and includes a discussion of neural networks and deep learning. Finally, Section 6 discusses welfare implications of the technological finance revolution. This collection highlights the most current developments to date and the state-of-the-art in alternative finance, while also indicating areas of further potential. Acting as a roadmap for future research in this innovative and promising area of finance, this handbook is a solid reference work for academics and students whilst also appealing to industry practitioners, businesses and policy-makers.