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
Building a Better Digital Future: An Introduction to Digital Public Goods
The term Open-Source Software (OSS) can be traced back to the 1990s when the founders wanted to advocate for free and open software without being misconstrued to be free. Twenty years later OSS is the backbone for most of the new enterprise technologies. So, what is the buzz about?Read more
What does it feel like to be unbanked?Last year, while I attended the Mobile World Congress in Barcelona, my handbag was stolen. Suddenly, I found that I had no identification document, no debit or credit card, and no cash. Throughout this ordeal, I depended on my colleagues to loan me cash. I have never felt so vulnerable, excluded, with no control over accessing my finances or a solution to cover my expenses. It was quite daunting.
Tapping into the power of data to accelerate IIPS in AfricaThe first State of Instant and Inclusive Payment Systems launched in 2022 in collaboration with the World Bank and United Nations Economic Commission for Africa (UNECA) captured the growing potential of Instant and Inclusive Payment Systems (IIPS) in Africa through a detailed set of tools and reports based on data analytics.
State of Instant and Inclusive Payment Systems in Africa 2022 report coming soon : A sneak-peak at end-users' experience.With the emergence of instant payment systems (IPSs) in Africa, digital payments are becoming just as available and immediate as cash transactions, but whether people actually adopt and often use digital payments is another question. This might be for several reasons and often depends on the country.
Instant payment systems
Feeling the pulse: flagship report on Africa’s instant and inclusive payment systems expected soon.Fast, accessible, and more inclusive digital payments are booming across Africa. Efficient digital payments are more convenient for both the payer and the payee. They also have the potential to strengthen capital markets through a larger store of value in transaction accounts. Governments are increasingly focusing on supporting the roll-out of digital payments as a tool for financial inclusion.
Cross-sector collaboration can unlock financial inclusion for allAs we look forward to the official launch of AfricaNenda in October 2021, we have been putting our heads together to identify project opportunities and build partnerships to facilitate the deployment and adoption of instant payment systems across the continent.
Let’s change the game, hand in hand with the unbankedAcross Africa, over 400-million financially excluded adults are missing out on opportunities to secure and grow their savings, to access loans to support their households and businesses, and to use insurance services to protect their households and livelihoods.