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
Banque Régionale de Marché:
BRM Bank
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Baobab+, TradeLenda Partner on Solar Energy Solutions for SMEs in Nigeria
- MICROCAPITAL BRIEF: Abler Nordic Sells Equity Stake in Microfinance Institution Baobab Senegal, Retains Holding in Parent Company
- MICROCAPITAL BRIEF: Baobab+ Borrows $1.3m from Oikocredit to Boost Household Access to Technology, Solar Energy in Rural Côte d’Ivoire
- MICROFINANCE PAPER WRAP-UP: “Financial Inclusion in Niger: Challenges and Opportunities,” by Yoro Diallo et al, Published by IMF
- MICROCAPITAL BRIEF: I&M Bank Enables Spenn Mobile App Users to Send Money to Financial Institutions Across Rwanda