DMI at the IMF
In an series of events hosted by the Digital Monetary Institute alongisde the International Monetary Fund-World Bank annual meetings 2023 in Marrakech, key stakeholders converged to address the pressing issues of financial inclusion in the Middle East and Africa and establishing CBDCs as a digital public infrastructure. Despite challenges, significant progress was acknowledged, particularly in the realm of digital financial services.
A seminar, in collaboration with Mastercard, shed light on the remarkable rise of digital payments, offering a lifeline to the unbanked population, especially in rural areas. Mobile phones emerged as powerful tools, bridging geographical gaps and extending financial services where they are needed the most.
Central Bank Digital Currencies (CBDCs) were explored as a potential solution to enhance financial inclusivity. While their potential was recognised, it was emphasised that collaborative efforts between central banks, government agencies, and private sector entities are essential. Tailoring services to diverse needs, fostering financial literacy, and addressing costs were identified as key strategies to create a more inclusive financial landscape.
In a private roundtable, the DMI and Giesecke+Devrient explored the importance of a sustainable digital public infrastructure and how central bank digital currencies can support economic empowerment, inclusion and resilience. The discussion will examined CBDCs as a component of a DPI and how this consideration may influence its design criteria.
Click below to view a highlight video of OMFIF at the IMF-WBG meetings 2023.