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This blog is part of a series documenting our program’s journey to accelerate the development of inclusive payments systems for universal access to financial services in Africa. #IAmAfricaNenda
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AfricaNenda’s Revolutionizing Payments’ series explores the PIX Brazil success story
‘Revolutionizing Payments: The PIX Brazil Success Story’ is an insightful 8-episode YouTube video series by AfricaNenda Foundation, a non-profit and an African-led team of experts committed to unlocking the potential of digital financial services for the financially excluded across the continent, by accelerating the scale-up of inclusive instant payment systems.
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SIIPS
SIIPS 2024 - Three elements that differentiate inclusive instant payment systems
Instant payment systems (IPS) process payments digitally in near real-time and are available for use 24 hours a day, 365 days a year. Imagine an instant payment system that doesn't just move money but also prioritizes inclusivity, working towards a fairer equitable financial landscape for everyone. AfricaNenda is striving to make this vision of Inclusive Instant Payment System (IIPS) a reality across Africa.
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​​Lack of transparent data is hampering Africa's capacity to leapfrog inclusive instant payment systems​!
While on a speaking tour in 2022 to disseminate findings from a report I co-authored, a central bank official from West Africa shared a key observation. ​Our​ report aimed to document the relationship between financial inclusion and the infrastructure provided by inclusive, instant payment systems and was based on publicly available data. But as the central bank official shared, the research was incomplete, because the publicly available data their country provided was outdated. Within a month, the central bank had updated its website and issued a press release with official statistics.
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Cape Verde: Balancing between digital payment promotion and cash resilience
Digital payment experts unanimously agree that a well-structured financial ecosystem optimizes the use of banking products and services. By fostering financial inclusion and digital transactions, countries can reduce the use of cash and thereby benefit from the increased safety, efficiency, and transparency of a cashless economy. Yet there are counterforces working against digitalization.
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Navigating Design Choices: Essential Considerations for CBDCs - Part II
In the initial installment of our blog series, we focused into the realm of Central Bank Digital Currencies (CBDCs) and their potential as a game-changer in the pursuit of financial inclusion in Africa. We explored the nuances of CBDCs, acknowledging their varied features and functions across nations, shaped by policy choices and market environments. As we navigate the intricate landscape of CBDC development, we will explore the key considerations, principles, and the human-centered design approach needed to create inclusive digital currencies in this second part.
Financial inclusion
Creating inclusive instant payment systems via digital public goods
AfricaNenda is working closely with development partners and philanthropic programs across Africa to achieve universal financial inclusion by 2030.Through pre-project support, capacity building, policy advocacy, and technical assistance, AfricaNenda has supported programs and tools promoting the growth of inclusive instant payments systems (IIPS) in Africa. In this first edition of "Voices of Expert", we are highlighting our work on digital public goods in addressing inclusivity in the design of IIPS.
Financial inclusion
The Role of CBDC in Financial Inclusion - Part I
In the quest to close the financial inclusion gap in Africa, Central Bank Digital Currencies (CBDCs) have emerged as a potential game-changer. Their effectiveness in promoting financial inclusion remains uncertain. CBDCs vary in features and functions across nations, depending on policy choices and market environments. Potential benefits exist, especially in retail CBDCs, but realization depends on inclusive design.
SIIPS
SIIPS report 2023: a perspective on the role of agents and merchants
In the ever-evolving landscape of digital payments, Africa is making significant strides; however, the latest World Bank Findex report reveals that 45 percent of Africans are still not engaging in digital transactions. In this second piece, we explore another dimension of this challenge: the vital roles of agents and merchants in propelling the adoption of inclusive instant payment systems (IIPS) on the continent.
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