‘WA apex banks value innovation for financial inclusion’

Advisor to the Director-General of the West African Centre for Training and Banking Studies, Madame Justine Beugre, has said that central banks of West African countries are very much interested in innovations towards financial inclusion.

She was speaking at a workshop organised by the International Islamic Trade Finance Corporation and the Central Bank of West African States to explore Central Bank Digital Currencies and the impact on inter-regional trade, in Jeddah, Saudi Arabia.

“It is important to stress that the BCEAO attaches particular interest to technological and financial innovations, considered as essential levers to strengthen financial inclusion. Also, like the main central banks, our issuing institute is concerned about digital developments to be considered in the context of monetary issuance.

“This workshop, therefore, offers the opportunity to explore the issuance of digital currency in a theoretical and practical way, and the implication for monetary policy and financial stability,” said Beugre.

At the workshop, financial experts addressed key trends in the integration of CBDCs into mainstream finance.

Highlighting the importance of the workshop, the Chief Operating Officer of ITFC, Nazeem Noordali, said, “The Fourth Industrial Revolution will change the face of the traditional monetary system as we know it.

“Technology is already reshaping the way trade is being conducted, creating new and vast opportunities for greater efficiencies and impact. ITFC firmly believes in the potential of digital currencies in boosting trade and driving greater financial inclusion and stability in the developing world.”

Other speakers at the event include Matthieu Saint Olive of ConsenSys; David Wray and Willy Lim of R3; Harold Bosse, Sébastien Le Callonnec, Kamran Shahin and Arn Vogels of Mastercard; Pascal Ordonneau, former CEO of HSBC Invoice Financing; as well as Erin English and Catherine Gu of Visa.

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