The Governor of the Banque Centrale de Mauritanie Mohamed Lemine Ould Dhehby (left) and Dr. Wolfram Seidemann, CEO of G+D Currency Technology, signed an agreement and will now work together to design and introduce a potential CBDC. (Source: Giesecke+Devrient)

During the World Bank Group’s Spring Meetings, the security tech company Giesecke+Devrient (G+D) and Banque Centrale de Mauritania inked a deal to work together on investigating the creation of a digital version of the country’s currency, Ouguiya.

The country’s digital revolution in West Africa is to be further advanced, and financial engagement among the populace is encouraged.

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As an alternative to cash, G+D and the Central Bank of Mauritania are working together to develop and launch a possible Central Bank Digital Currency (CBDC). At the Spring Meetings in Washington, Wolfram Seidemann, CEO of G+D Currency Technology, and Mohamed Lemine Ould Dhehby, governor of the Banque Centrale de Mauritanie, signed a contract to that purpose.

Gaining insight into the potential advantages of a digital Mauritanian Ouguiya for the nation’s economy and society is the main goal of the collaborative effort.

In addition to providing the technological solution for the preliminary testing of specified use cases, G+D will assist the central bank to develop the specifications for a national CBDC.

The bank enters a growing list of international central banks and governmental entities that are investigating or testing the viability of a digital national currency.

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Moreover, the evaluation of a Central Bank Digital Currency is a critical component of Mauritania’s national development roadmap to promote its digital transition.

The relevant agenda of the Ministry of Digital Transformation, Innovation, and Modernisation of the Public Sector (MTNIMA) is to tap on the possibility of digital technology and innovations to drive economic development in the country.

Furthermore, the CBDC strives to increase prosperity for all segments of society, reinforce macroeconomic stability, and boost the sustainability of Mauritania’s economy.

Dhehby expressed: “The Banque Centrale de Mauritanie has strategically positioned itself for the potential launch of a digital currency. 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.”

“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 honored to be able to support the Mauritanian central bank also in that context, providing specialist knowledge and expertise from our many CBDC projects,” added Seidemann.