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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]

Author

Listed:
  • 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)

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

Suggested Citation

  • Etienne Fakaba Sissoko & Khalid Dembele, 2025. "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 MONETAI," Post-Print hal-05294976, HAL.
    • Handle: RePEc:hal:journl:hal-05294976
    DOI: 10.5281/zenodo.17249540
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    Keywords

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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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