UMOA CBDC Tracker

l’Union Monétaire Ouest Africaine (UMOA or the West African Monetary Union (WAMU)) is in the experimental phase of its central bank digital currency (CBDC) development. Banque Centrale des États de l’Afrique de l’Ouest (BCEAO or The Central Bank of West African States) governor Jean-Claude Kassi Brou said, “We are at the proof of concept [stage] now, and after that we will move to the pilot stage.” The CBDC will, at least initially, be a retail CBDC.

l’Union Monétaire Ouest Africaine includes Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. However, member countries are tracked separately because of the varying projects they are leading. With that said, if the Banque Centrale des États de l’Afrique de l’Ouest launches a CBDC, then all members will be moved to the launch phase.

CBDC History and Development

In October 2016, news spread that a commercial bank was launching a product called the “e-CFA.” Some people took this news to mean that a CBDC was on the way. However, the Banque Centrale des États de l’Afrique de l’Ouest issued a statement that “it is in no way involved in the aforementioned project.” It also told the commercial bank to change the name of the product. The central bank further said, “The Central Bank also specifies that it does not foresee the creation of any digital currency in any member state of the West African Monetary Union (UMOA).”

In 2019, the Banque Centrale des États de l’Afrique de l’Ouest and World Bank hosted a conference in which the Riksbank presented research on its own CBDC project.

In 2021, the Banque Centrale des États de l’Afrique de l’Ouest hosted a CBDC workshop. The central bank said it “is not on the sidelines of this discussion.” The central bank further said that a CBDC “could constitute an alternative to traditional cash.”

In December 2022, the Banque Centrale des États de l’Afrique de l’Ouest’s 2021 Annual Report noted that the central bank’s FinTech Committee “carried out [work] on the issue of central bank digital currencies (CBDCs).”

In June 2023, Banque Centrale des États de l’Afrique de l’Ouest governor Jean-Claude Kassi Brou discussed “the inclusive potential of central bank digital currencies (CBDCs), the conditions for their success, and the need for cooperation at both the regional and global levels.” Brou said a CBDC could also “help reduce the circulation of coins and banknotes.”

In September 2023, the Banque Centrale des États de l’Afrique de l’Ouest’s 2022 Annual Report noted that “the rise of crypto assets” led the central bank to further assess the possibility of issuing a CBDC. The central bank further noted that “workshops were organized with the Banque de France on its experiments in issuing CBDCs, and its monitoring of financial innovations in France and the European Union.”

In April 2024, the Banque Centrale des États de l’Afrique de l’Ouest’s began hosting training programs in digital finance and green finance. Among the topics discussed, CBDCs were a focus area.

In November 2024, the Banque Centrale des États de l’Afrique de l’Ouest’s 2023 Annual Report noted that the central bank was “monitoring the issuance of central bank digital currencies (CBDCs).” As part of this, the central bank’s FinTech Committee began to “assess the utility of issuing this new form of currency in the WAMU region.” This announcement was strange, however, considering that a similar statement was made in the 2021 Annual Report. It’s unclear how the FinTech Committee “began” in 2023, when it supposedly began in 2021. Separately, a formal CBDC group was established in July 2023.

In July 2025, the Banque Centrale des États de l’Afrique de l’Ouest provided updates in its 2024 Annual Report. First, the central bank established a multidisciplinary working group “to further explore the potential benefits and challenges associated with a CBDC.” The report noted that CBDCs emerged as a response to cryptocurrencies, but said more research is needed. With said research in hand, the central bank would later move to the proof-of-concept stage to better understand the technology.

In November 2025, Banque Centrale des États de l’Afrique de l’Ouest governor Jean-Claude Kassi Brou discussed CBDC implementation among other issues. Speaking to The Banker, Brou said, “We are at the proof of concept [stage] now, and after that we will move to the pilot stage.” The CBDC will, at least initially, be a retail CBDC.

In 2026, the Banque Centrale des États de l’Afrique de l’Ouest announced that the Abdoulaye Fadiga Prize would be awarded to research on CBDCs (among other topics).

Human Rights and Civil Liberties Concerns

For additional information on concerns regarding violations of human rights and civil liberties, see the following reports by Amnesty International, Financial Tyranny Index, Freedom House, Human Rights Watch, Privacy International, the Tyranny Tracker, and the U.S. Department of State. For additional information on concerns regarding the risks of CBDCs, see the following webpage and report by the Cato Institute: The Risks of CBDCs and Central Bank Digital Currency: Assessing the Risks and Dispelling the Myths.

For additional information regarding metrics, the methodology page explains each of the data points and provides their respective sources.