THE central bank of Mauritania and the German securities printing company Giesecke+Devrient (G+D) have forged an agreement to explore the development of a digital form of the national currency Ouguiya. This move aims to propel the digital transformation of the West African nation and foster financial inclusion among its populace.
Governor Mohamed Lemine Ould Dhehby and Dr. Wolfram Seidemann, CEO of G+D Currency Technology, sealed the partnership during the Spring Meetings of the IMF and t he World Bank in Washington DC. The objective of this collaboration is to assess the potential societal and economic benefits of a digital Mauritanian Ouguiya. G+D will assist the central bank in delineating the requirements for a national Central Bank Digital Currency (CBDC) and provide the technical solution for initial testing of defined use cases.
Governor Dhehby highlighted the strategic positioning of Banque Centrale de Mauritanie for the prospective launch of a digital currency. He emphasised the expansion of their knowledge base, skills, and experience through this collaborative effort. ‘The [central bank] has strategically positioned itself for the potential launch of a digital currency,’ he explained. ‘Through the exploratory work we have now agreed, we are expanding our knowledge base, skills and experience. G+D’s expertise in this innovative, rapidly developing field will help us to bring it to life for the benefit of the whole country.’
CEO Seidemann underscored the significance of the digital Ouguiya in Mauritania’s digital transformation agenda, expressing G+D’s commitment to supporting the central bank with their expertise garnered from numerous CBDC projects. ‘The digital Ouguiya is part of the digital transformation agenda for the entire country and is of critical importance for economic and social progress. With our fifty-year of business relationship, we are all the more honoured to be able to support the Mauritanian central bank also in that context, providing specialist knowledge and expertise from our many CBDC projects,’ said Wolfram Seidemann.
The introduction of a CBDC aligns with Mauritania’s national development strategy, fostering digital innovation for economic growth and social progress. The Ministry of Digital Transformation, Innovation, and Modernisation of the aims to leverage digital technologies to enhance prosperity, macroeconomic stability, and sustainability.
The partnership between G+D and the central bank signifies a pivotal step toward advancing financial technology and driving inclusive economic development in Mauritania.