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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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Accelerating Financial Inclusion in Africa: The Journey Toward Inclusive Instant Payment Systems
Miriam wakes up early in her small village in rural Uganda, determined to make the most of her day. Her dreams are as vibrant as the fabrics she sews: to buy a second sewing machine, hire an assistant, and turn her small business into a reliable source of income for her family.
However, as one of Africa’s 400 million unbanked individuals, Miriam faces daily financial uncertainty. Without access to formal financial services, she stores her earnings in a tin box under her bed.
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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