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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
The Next Frontier of Africa’s Financial Integration
Africa stands at a turning point. The launch of the Instant Payment System (PI - SPI) by the Central Bank of West African States (BCEAO) is not just a technological milestone, it signals a new era in how value moves across the continent. A transaction can now cross borders in seconds, connecting communities and businesses once held back by the cost and slowness of money transfers. This acceleration could redefine Africa’s economic future.
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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bank official shared, the research was incomplete, because the publicly available data their country provided was outdated.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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International Women Day 2024: Breaking Barriers, Accelerating Progress.
International Women's Day always presents an opportunity to reflect on the progress made toward gender equality and to assess the journey that still lies ahead, in all areas. This year's theme, "Investing in Women: Accelerate progress" echoes one of the calls to action we made in our latest State of Inclusive Instant Payment Systems in Africa 2023 (SIIPS 2023) report.
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