The legal relationship with, and role of fintech in, central banks is complex. For emerging market economy central banks, financial inclusion is a key driver for exploring central bank digital currencies (CBDCs). Few central banks, however, have a legal mandate to issue a CBDC.

At the same time, private fintechs have huge potential to reach millions of people that are unbanked and accelerate development. Within specific income classification groups, central banks from lower-middle income