The Central Bank of Mauritania (Banque Centrale de Mauritanie) has announced a collaborative project with Giesecke+Devrient (G+D), a German security technology group, to explore the development of a central bank digital currency (CBDC) named “Ouguiya.”
This initiative aligns with Mauritania’s national digital transformation strategy and seeks to evaluate the potential advantages of a digital Mauritanian Ouguiya, particularly its role in promoting financial inclusion within the West African nation.
G+D’s Role in the CBDC Project
G+D, a participant in Mastercard’s CBDC Partner Programme, will provide technical support for initial use case testing and assist the Central Bank in defining the requirements for a digital currency. This collaboration aims to expand the Central Bank’s knowledge and expertise in the rapidly evolving CBDC landscape.
Mohamed Lemine Ould Dhehby, Governor of the Central Bank of Mauritania, expressed optimism about the project’s potential to enhance the bank’s capabilities. He stated, “This exploratory project will help us expand our knowledge base, skills and experience. G+D’s expertise in this innovative, rapidly developing field will help us to bring [the CBDC] to life for the benefit of the whole country.”
G+D, headquartered in Munich, Germany, believes the proposed CBDC can contribute to “greater prosperity for all sections of the population, consolidate macroeconomic stability and improve the sustainability of Mauritania’s economic growth.”
CBDC Development: A Global Trend
Mauritania’s exploration of a CBDC reflects a growing global trend. Just last week, the Reserve Bank of New Zealand launched a public consultation to gauge public opinion on the potential introduction of a digital currency in their nation.
This collaborative effort between the Central Bank of Mauritania and G+D signifies a significant step towards a potential digital currency rollout in Mauritania. The project’s findings will be crucial in determining the feasibility and potential benefits of a CBDC for the West African nation’s financial ecosystem.
