BANKING RECOMPOSITION AND MONETARY SOVEREIGNTY IN THE DIGITAL ERA: The PI-SPI and the e-CFA as Instruments of Institutional Refoundation in the WAEMU

RECOMPOSITION BANCAIRE ET SOUVERAINETE MONETAIRE A L'ERE NUMERIQUE: Le PI SPI et l'e CFA comme instruments de refondation institutionnelle dans l'UEMOA

Etienne Fakaba Sissoko () and Khalid Dembele
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Etienne Fakaba Sissoko: Université des sciences sociales et de gestion de Bamako - USSGB - Université des sciences sociales et de gestion de Bamako, CRAPES MALI - Centre de Recherche et d'Analyses Politiques, Economiques et Sociales du Mali, Faculté des Sciences économiques et de Gestion - USSGB - Université des sciences sociales et de gestion de Bamako
Khalid Dembele: USSGB - Université des sciences sociales et de gestion de Bamako

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Abstract: Abstract The Central Bank of West African States (BCEAO) is undertaking a profound transformation of the WAEMU's monetary architecture through two major instruments: the PISPI (interoperable instant payment platform) and the eCFA (central bank digital currency). Far from being mere technical innovations, these mechanisms reconfigure the relationships between issuers, intermediaries, and users by concentrating the functions of issuance, circulation, and data management. Drawing on a critical institutionalist approach and an international comparison (China, Nigeria, Bahamas), the article tests three hypotheses: (H1) algorithmic recentralization of monetary power; (H2) structural banking disintermediation; and (H3) inclusion conditioned by institutional governance. The results indicate that, without a pluralistic framework and metadata regulation, the eCFA risks deepening financial asymmetries and weakening commercial banks, which are already vulnerable. The analysis concludes that the model's viability will depend on a robust legal framework, a redefinition of the role of banks around value-added services, and the establishment of a distributed, transparent, and technologically controlled monetary sovereignty. Keywords: Central bank digital currency · Disintermediation · Algorithmic governance · BCEAO · Monetary sovereignty JEL Codes: E42, E51, G21, O33, O55

Date: 2025
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Published in Revue Internationale de la Recherche Scientifique, 2025, 5 (3), pp.5184-5203. ⟨10.5281/zenodo.17249540⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05294976

DOI: 10.5281/zenodo.17249540

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