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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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From the Continent, For the Continent: Building Homegrown Instant Payment Systems to Drive Financial Inclusion in Africa
Imported technologies might offer speed, but do not necessarily guarantee fit. Africa’s financial systems must account for our informal economies, our language diversity, our infrastructure gaps, and our shared ambition for equity. As Dr. Robert Ochola, CEO of AfricaNenda Foundation, reminded us: “Africa can build its own systems and make them world-class.”
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The role of inclusive payment systems in Africa's financial inclusion
The COVID-19 pandemic showed the critical importance of digitization when travel and physical interactions were severely restricted. As digital platforms such as Zoom and Microsoft Teams became the new normal for work interactions, the increase in usage of e-commerce platforms enabled commercial activities to continue.
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The Rise and Stall of CBDCs and Cryptocurrencies in Africa: What's Next?
Coming out of last year’s SIIPS, there seemed to be demonstrative progress across Africa toward central bank digital currencies (CBDCs). eNaira was reaching tens of thousands of transactions, and the e-Cedi was on its way to a full launch. However, 2023 has created new headwinds for CBDCs and their cousins, crypto-currency.
Financial inclusion