Virtual Reality and the Financial Metaverse in Emerging Economies: Evidence from West Africa

Abstract

This article examines the transformative potential of virtual reality (VR) in redefining customer experience within financial institutions in West Africa, while situating the findings in a broader international perspective. Using two analytical frameworks, the ATM (Minimal Technological Alignment) and CAPE (Capacity for Absorbing Emerging Potentials), the study evaluates the technological maturity of Senegalese institutions. Results show a CAPE score of 25%, revealing a structural gap between financial inclusion and digital readiness. While banking penetration provides a strong foundation, low levels of digitalization and AI adoption hinder immersive integration and delay the emergence of a sustainable financial metaverse. Comparative insights highlight that Asia, with advanced infrastructures and strong AI adoption, demonstrates how the financial metaverse can rapidly move from vision to reality. In contrast, Latin America mirrors West Africa, combining high levels of inclusion with insufficient technological maturity. These global lessons underscore that inclusion alone is not enough: robust digitalization, AI diffusion, and proactive regulation are essential to unlock immersive finance.This research contributes to the international debate on immersive finance and the metaverse, positioning emerging economies as key laboratories for inclusive and sustainable innovation.