Mauritania’s Central Bank Announces Joint CBDC Project

The Central Bank of Mauritania has teamed up with German security technology group Giesecke+Devrient (G+D) to explore the creation of a central bank digital currency (CBDC), dubbed ‘Ouguiya’. This joint initiative is part of Mauritania’s broader digital transformation strategy and aims to assess the potential benefits of a digital currency for the country’s economy, with a particular focus on promoting financial inclusion in West Africa.

G+D, a participant in Mastercard’s CBDC Partner Programme, will work with the Central Bank of Mauritania to establish the framework and technical support for a digital Ouguiya. The initial phase of the project involves outlining the requirements for a CBDC and conducting initial tests for specific use cases.

Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania, said that this exploratory project will enhance the bank’s “knowledge base, skills, and experience.” He further added that G+D’s expertise in the field would be instrumental in bringing the project to life for the benefit of the entire country.

G+D, headquartered in Munich, Germany, emphasised that the proposed CBDC would contribute to greater prosperity for all segments of the Mauritanian population, enhance macroeconomic stability, and bolster the sustainability of Mauritania’s economic growth.

The development of a central bank digital currency is a key component of many nations’ digital transformation strategies. Just last week, the Reserve Bank of New Zealand launched a public consultation to explore the potential introduction of a digital currency in its jurisdiction.

This collaboration represents a significant step for Mauritania’s efforts toward digital innovation and underscores the growing interest in CBDCs worldwide. The outcome of this project could have far-reaching implications for the country’s financial system and broader economic landscape.