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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
Urgent Need to Harmonize Payment Service Regulations and Achieve Instant Cross-border Payments in Africa
Africa stands at a decisive moment in its digital finance evolution. Innovation is accelerating, mobile money is ubiquitous, and instant payment systems are fast growing across the continent. Yet one force continues to constrain seamless cross-border payments in Africa: regulatory fragmentation.
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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