The Central Bank of West African States (BCEAO) is taking a historic step with the imminent launch of the e-CFA, a fully digital version of the CFA franc. This new official currency, guaranteed by the BCEAO and equivalent to the current currency, will gradually put an end to the use of banknotes and coins. Accessible via phone, card, or mobile application, it will allow for quick, secure transactions available 24/7, even without a bank account.
According to Professor Amath Ndiaye, a lecturer at FASEG-UCAD, this innovation goes beyond simple technological modernization: “With the e-CFA, the BCEAO maintains control. It is a tool to preserve our monetary sovereignty and not depend on foreign currencies or international platforms.”
This transition comes in the context of increasing competition with cryptocurrencies and fintech companies such as Orange Money or Wave, which currently dominate mobile payments in the region. If the e-CFA becomes programmable – that is, limited in time or usage – the BCEAO could reconfigure the West African financial market, forcing these companies to reposition themselves towards areas such as rural financial inclusion, green finance, or the AfCFTA.
For citizens, the benefits are significant: elimination of banknotes manufactured abroad, reduction of transfer costs, fight against fraud, and smooth exchanges, even offline, thanks to adapted technologies.
“In a few years, we may not use any banknotes anymore. The digital CFA of tomorrow, 100% digital, will be manufactured here, in Africa,” concludes Professor Ndiaye, applauding what he describes as a silent revolution for West Africa.
