The Main Development Trends of Sub-Saharan Africa Financial System
The financial system of sub-Saharan Africa is heavily dependent on foreign and international capital. The external debt of Sub-Saharan Africa is more than 60% of the total GDP, in some countries, that is about 95%. In the last decades, there has been an expansion of the influence of pan-African fina...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2025-06-01
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| Series: | Финансы: теория и практика |
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| Online Access: | https://financetp.fa.ru/jour/article/view/3678 |
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| author | A. V. Fedorov |
| author_facet | A. V. Fedorov |
| author_sort | A. V. Fedorov |
| collection | DOAJ |
| description | The financial system of sub-Saharan Africa is heavily dependent on foreign and international capital. The external debt of Sub-Saharan Africa is more than 60% of the total GDP, in some countries, that is about 95%. In the last decades, there has been an expansion of the influence of pan-African financial groups and central/national banks in the monetary policy of African states. Sub-Saharan Africa shows exponential growth in electronic mobile payments and the digital currency of central banks and crypto assets depends on distributed ledger technology. Regional financial centers have emerged, shaping the growth and development of African finance. The structure, specifics and main trends in the development of the financial system of sub-Saharan Africa are described in the context of the challenges facing the global financial system. The need for integration processes for the countries of the continent, the role of central banks and Pan-African financial institutions are substantiated. The possibility of implementing the concept of leapfrogging in the transition of the monetary and credit system of the African continent to national digital currencies and the use of distributed register technology are considered. The author considers the credit and monetary system of Sub-Saharan Africa as a place of financial innovations that can identify the development of the global financial system for decades to come. |
| format | Article |
| id | doaj-art-186c1cbdcc50469fa09b1b7d14b74d83 |
| institution | Kabale University |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| publishDate | 2025-06-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj-art-186c1cbdcc50469fa09b1b7d14b74d832025-08-20T03:35:20ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892025-06-0129361910.26794/2587-5671-2025-29-3-6-191271The Main Development Trends of Sub-Saharan Africa Financial SystemA. V. Fedorov0Institute for African Studies of the Russian Academic of SciencesThe financial system of sub-Saharan Africa is heavily dependent on foreign and international capital. The external debt of Sub-Saharan Africa is more than 60% of the total GDP, in some countries, that is about 95%. In the last decades, there has been an expansion of the influence of pan-African financial groups and central/national banks in the monetary policy of African states. Sub-Saharan Africa shows exponential growth in electronic mobile payments and the digital currency of central banks and crypto assets depends on distributed ledger technology. Regional financial centers have emerged, shaping the growth and development of African finance. The structure, specifics and main trends in the development of the financial system of sub-Saharan Africa are described in the context of the challenges facing the global financial system. The need for integration processes for the countries of the continent, the role of central banks and Pan-African financial institutions are substantiated. The possibility of implementing the concept of leapfrogging in the transition of the monetary and credit system of the African continent to national digital currencies and the use of distributed register technology are considered. The author considers the credit and monetary system of Sub-Saharan Africa as a place of financial innovations that can identify the development of the global financial system for decades to come.https://financetp.fa.ru/jour/article/view/3678financial system of sub-saharan africaafrican financial centersfinancial integration in africaafrican financial leapfroggingfintechcrypto assetscentral bank digital currencydccbdefi |
| spellingShingle | A. V. Fedorov The Main Development Trends of Sub-Saharan Africa Financial System Финансы: теория и практика financial system of sub-saharan africa african financial centers financial integration in africa african financial leapfrogging fintech crypto assets central bank digital currency dccb defi |
| title | The Main Development Trends of Sub-Saharan Africa Financial System |
| title_full | The Main Development Trends of Sub-Saharan Africa Financial System |
| title_fullStr | The Main Development Trends of Sub-Saharan Africa Financial System |
| title_full_unstemmed | The Main Development Trends of Sub-Saharan Africa Financial System |
| title_short | The Main Development Trends of Sub-Saharan Africa Financial System |
| title_sort | main development trends of sub saharan africa financial system |
| topic | financial system of sub-saharan africa african financial centers financial integration in africa african financial leapfrogging fintech crypto assets central bank digital currency dccb defi |
| url | https://financetp.fa.ru/jour/article/view/3678 |
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