Parmi les nombreuses questions soulevées lors des séminaires consacrés à la transformation digitale des banques centrales, une interrogation est revenue de manière récurrente : comment une future monnaie numérique de banque centrale (CBDC) pourrait-elle coexister avec les écosystèmes de mobile money qui se sont développés dans de nombreux pays africains ? La question est loin … Lire la suite CBDC et mobile money : concurrence ou complémentarité ? Une question centrale pour les banques centrales africaines
La transformation digitale des banques centrales : pourquoi la technologie n’est plus le principal défi
Par Estelle Brack, PhD – Présidente de KiraliT La transformation digitale est désormais au cœur des stratégies des banques centrales. Modernisation des systèmes de paiement, supervision numérique (SupTech), exploitation des données, intelligence artificielle, cybersécurité, infrastructures de marché, automatisation des processus ou encore expérimentations autour des monnaies numériques de banque centrale (CBDC) : les initiatives se … Lire la suite La transformation digitale des banques centrales : pourquoi la technologie n’est plus le principal défi
« Tokenisation does not create value »
This morning's panel discussion at the #ParisFinanceForum de Paris Europlace on tokenisation and stablecoins left me with more questions than answers. Which is probably a good thing. One comment from the discussion particularly caught my attention: "Tokenisation does not create value." At first sight, this seems obvious. Yet it challenges much of the current narrative … Lire la suite « Tokenisation does not create value »
Beyond Instant Payments: What Should Be the Next Frontier for Payment Infrastructures?
Over the last twenty years, payment infrastructures around the world have undergone profound transformation. Real-time payments, increased automation, enhanced resilience and greater integration have significantly improved the efficiency of financial systems. In Europe, infrastructures such as TARGET and TIPS have helped create a secure and integrated framework for the movement of money. Similar developments can … Lire la suite Beyond Instant Payments: What Should Be the Next Frontier for Payment Infrastructures?
Interoperability as a Public Good: What Two-Sided Market Economics Tell Us About Digital Payments and Financial Inclusion
By Estelle Brack The global payments landscape is at a turning point. Bank deposits, mobile money, card schemes, BigTech wallets, stablecoins and now CBDCs all coexist—yet most remain trapped inside walled gardens, fragmenting the market and limiting financial inclusion. The recent BIS Working Paper “Competing digital monies” (2025) offers a timely analytical framework to understand … Lire la suite Interoperability as a Public Good: What Two-Sided Market Economics Tell Us About Digital Payments and Financial Inclusion
Stablecoins and Mobile Money
Same Promise, Different Risks The rise of stablecoins — digital tokens designed to maintain a fixed value, often pegged to a fiat currency like the US dollar — has reignited old questions about the nature of money, trust, and financial stability. Their promise of “stability” hides a paradox: they resemble traditional money in form, but … Lire la suite Stablecoins and Mobile Money
Sénégal : la taxe sur la « mobile money », un coup d’épée dans l’eau fiscal (et social)
Le contexte Au Sénégal, l’usage de la monnaie électronique s’est imposé comme un pilier de l’inclusion financière. Avec 95 % d’adultes disposant d’un compte de monnaie électronique, contre 26 % seulement titulaires d’un compte bancaire classique, la monnaie mobile constitue le principal canal de transfert d’argent et de paiement du quotidien. En 2024, près de … Lire la suite Sénégal : la taxe sur la « mobile money », un coup d’épée dans l’eau fiscal (et social)
COMESA’s Digital Retail Payments Platform: A Turning Point for Local-Currency Trade and Financial Inclusion in Africa
1. A milestone for Africa’s payment landscape In a move that could reshape the way African countries trade with one another, the Common Market for Eastern and Southern Africa (COMESA) officially launched its Digital Retail Payments Platform in early October 2025. Designed to allow businesses and consumers to settle transactions directly in local currencies, the … Lire la suite COMESA’s Digital Retail Payments Platform: A Turning Point for Local-Currency Trade and Financial Inclusion in Africa
When Openness Meets Strategy: What the EU’s FiDA Decision Means for the Future of Digital Finance and Inclusion
The European Union has taken a decisive step toward reshaping the architecture of digital finance. In late September 2025, EU finance ministers agreed to advance the Financial Data Access (FiDA) Regulation, a cornerstone of Europe’s “open finance” framework that builds on PSD2 but extends far beyond banking.Yet one aspect of the decision drew global attention: … Lire la suite When Openness Meets Strategy: What the EU’s FiDA Decision Means for the Future of Digital Finance and Inclusion
Illuminating the “Darker Corners”: Why Lagarde’s Call to Rein In Non-Banks Matters for Inclusion
European Central Bank President Christine Lagarde has recently renewed her call to extend greater regulatory scrutiny over non-bank financial intermediaries—hedge funds, private equity, credit funds, and other “shadow banking” actors—that currently enjoy lighter oversight than banks. Given the structural growth of these actors and their increasing links to the banking system, Lagarde warns of an … Lire la suite Illuminating the “Darker Corners”: Why Lagarde’s Call to Rein In Non-Banks Matters for Inclusion
Reflexions 