Sub-Saharan Africa is experiencing a digital revolution that promises significant benefits. Mobile money, central bank digital currencies (CBDCs), and cryptocurrencies are being explored to enhance payment efficiency and financial inclusion.

Digital currencies for financial inclusion

Digital currencies can improve access to finance for the unbanked by providing faster and cheaper payment options, enhancing access to formal financial services.

Digital currencies can reduce the high cost of remittances in the region, supporting financial inclusion and economic stability.

Mobile Money

Mobile money services, such as Kenya's M-Pesa, have greatly improved financial inclusion. The region now has over 600 million registered mobile money accounts, with 30% being active.

CBDCs in the spotlight

CBDCs can enable person-to-person transactions without internet or bank accounts, support regional integration, and help central banks maintain relevance in the digital payment space.

Twelve national and two regional central banks in sub-Saharan Africa are considering CBDCs. Nigeria's eNaira is a notable example.