Kiffmeister’s #Fintech Daily Digest (20221207)

Technical onboarding package for digital euro prototyping

The European Central Bank (ECB) will be running a digital euro prototyping exercise to allow market participants to develop front-end prototypes that can be integrated with the back-end infrastructure developed by the Eurosystem. The documents were provided to the five companies that were selected to carry out the experimental work (CaixaBank (peer-to-peer online payments), Worldline (peer-to-peer offline payments), EPI (point of sale payments initiated by the payer), Nexi (point of sale payments initiated by the payee), and Amazon (e-commerce payments)). The material published provides the information needed by any market participant to develop front-end prototypes compatible with the Eurosystem’s back-end infrastructure, without restricting participants’ potential to innovate. The prototyping exercise is expected to be completed in the first quarter of 2023. [Read more at the ECB]

Central Bank of Nigeria reduces over-the-counter withdrawals to N100k, N500k per week

The Central Bank of Nigeria (CBN) has imposed limits on cash withdrawals to push consumers towards alternatives, including its own eNaira central bank digital currency (CBDC). Over-the-counter cash withdrawals by individuals and corporate entities are not to exceed N100,000 and N500,000, respectively, per week. All cash withdrawals above the the limits will attract processing fees of 5% and 10%, respectively. Withdrawals from automatic teller machines and point-of-sale terminals will also be subject to a N20,000 daily withdrawal limit. [Read more at Nairametrics]

Central Bank of Kenya resumes charges for mobile money wallet and bank transactions

The Central Bank of Kenya (CBK) has resumed charges for mobile money and bank account transactions. Transaction charges were stopped in 2020 to facilitate the use of mobile money during the COVID-19 pandemic. While the CBK resumes charges, they will be significantly lower than before the pandemic. [Read more at the CBK]

 

Kiffmeister’s Global Central Bank Digital Currency Monthly Monitor

Just a reminder that I produce a monthly digest of central bank digital currency (CBDC) developments exclusively for the official sector. So for any of you out there who work for a central bank, ministry of finance or international financial institution who would like to receive it by email on the first business day of every month, please DM me on LinkedIn or email me at chronicles@kiffmeister.com.

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