MICROCAPITAL BRIEF: Senegal’s Banque Régionale de Marché to Launch “eCFA”  Digital Currency

In partnership with US-based eCurrency, Senegal’s Banque Régionale de Marché (BRM) is planning to launch a digital version of CFA francs, the currency used by the West African Economic and Monetary Union (WAEMU), which comprises Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The currency is described as “a high security digital instrument that can be held in all mobile money and e-money wallets.” It is scheduled to go live in Senegal by the end of 2017 before rolling out to the other seven WAEMU countries.

The acronym “CFA,” which has different meanings since the currency’s creation in 1945, now refers to the Communauté Financière Africaine.

As of 2015, BRM reports total assets of USD 488 billion, USD 221 billion in loans outstanding to customers and customer deposits of USD 163 billion.

By Phoebe Rorke, Research Associate

Sources and Additional Resources

ECurrency:
Home page

BRM press release

Banque Régionale de Marché:
BRM Bank

BRM Bank – Key Financials

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