The emergence of Central Bank Digital Currencies (CBDCs) offers both hope and caution for West Africa, where nearly 60% of adults remain unbanked (World Bank, 2022). While mobile money has expanded access, critical gaps persist, particularly in savings, insurance, credit, and cross-border transactions.
CBDCs could become a transformative tool for financial inclusion. They offer a safe alternative to cash for the unbanked (IMF, 2022), provide faster and cheaper transactions (BIS, 2022), and open the door to inclusive financial innovation. Furthermore, they strengthen monetary sovereignty by offering a national alternative to foreign digital assets or public solution for electronic mobile money. Nigeria’s eNaira, Africa’s first CBDC, launched with the ambition to connect all citizens to the heart of the economy, even those without internet access (Central Bank of Nigeria, 2022). They are public competitors being interoperable by design whereas mobile money are first issued in close-loop systems.
However, the reality on the ground presents significant challenges. Despite the technological innovation, CBDC adoption remains low, particularly among the most vulnerable populations (IMF, 2023). Trust deficits toward central authorities continue to undermine public confidence (Atlantic Council, 2023). Additionally, the complexity of onboarding processes deters many potential users, especially those unfamiliar with digital platforms. Finally, the lack of compelling daily use cases compared to mobile money reduces the incentive to adopt CBDCs.
In parallel, mobile money networks are building interoperability, moving from private close-loop solutions to progressively pseudo-public electronic money solutions. If CBDCs come too late, they might loose the momentum and being preferred by existing already-in wallets MOMO solutions.
Pilot programs within the West African Economic and Monetary Union (WAEMU) confirm that technology alone is insufficient. Digital and Financial Education, robust ecosystem partnerships, and practical incentives are essential to achieving widespread acceptance (BCEAO, 2023).
To turn CBDCs into a genuine engine of financial inclusion, their design must prioritize human needs. Radical simplicity must guide development, making digital money as easy to use as sending a text message. Integration with existing mobile money systems is crucial to leverage trusted channels already familiar to the public. Finally, CBDCs must address real-world needs by facilitating everyday transactions, from paying for food and transportation to handling school fees and cross-border remittances.
CBDCs are not a silver bullet. They can drive financial inclusion only if they are built on a foundation of trust, simplicity, and relevance to people’s lives. Successful financial tools do not succeed simply because they are innovative; they succeed because they make life simpler, safer, and richer.
The future of CBDCs in West Africa will not be written by algorithms. It will be shaped by the aspirations, resilience, and dreams of the people they aim to serve.
References
- World Bank (2022). Global Findex Database.
- International Monetary Fund (2022). The Promise of Digital Money.
- Bank for International Settlements (2022). CBDCs: Opportunities and Challenges.
- Central Bank of Nigeria (2022). eNaira Progress Report.
- Atlantic Council (2023). Central Bank Digital Currency Tracker.
- BCEAO (2023). Pilot Programs and Future Perspectives for CBDC in WAEMU.
Estelle Brack, Contis, 29 avril 2025
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