Cenfri has broad experience in fit-for-purpose payment systems in emerging markets, particularly in Africa. We work towards making retail payments a public good, assisting central banks, payments operators and payment system participants navigate domestic and cross-border payments modernisation in a manner that contributes to economic inclusion. We have worked extensively in instant/faster retail payment systems and in improving access to remittances for low-income households. Other projects range from diagnostic and landscaping studies, developing a national payments vision, to analysing payments legislation and regulation, and feasibility studies on central bank digital currency (CBDC). The convergence of payments and identity, as well as the focus on digitising the entire value chain rather than limited use cases, is central to our theory of change in digital payments. We have worked with IFAD’s Financing Facility for Remittances, the World Bank, the Millennium Challenge Corporation, AfricaNenda, FSD Africa, FSD Kenya, GIZ, UNCDF, BankservAfrica, Finmark Trust, the African Union and the Alliance for Financial Inclusion. |
Real-time retail payments that enable consumers to send and receive cross-border and domestic transactions digitally are on the rise globally. The increasing proliferation of QR codes, apps, tap-and-go card technology, and small-value payments using proxy identifiers (aliases) such as phone numbers and email addresses have made payments one of
There’s no disputing the contribution of migrant remittances to the economic well-being of friends and family back home. For many African countries, the value of remittance flows exceeds that of foreign direct investment. However accessing the money via formal channels can be challenging for recipients who are faced with Know
Early insights from IFAD’s Financing Facility for Remittances and Cenfri Our work with IFAD to improve remittance access across seven African countries has shown that overly restrictive know-your-customer (KYC) and customer due diligence (CDD) requirements continue to hold back remittances. This is partly due to blanket labelling of customers as
A demand-side perspective of the risk management and resilience needs of remittance senders from South Africa to Ghana, Malawi and Zimbabwe Remittance-linked insurance products (RLIPs) are insurance products distributed by remittance service providers. These products have great potential to positively impact livelihoods in sub-Saharan Africa. They cover the risks of
Unlocking the economic force of remittances for reaching low-income and rural customers with IFAD’s Financing Facility for Remittances under the Remittance Access and Innovation (RAI) programme. Overly restrictive KYC and CDD processes are still holding remittances back from supporting migrants in achieving their goals, as well as economic development goals
Historically, low-income consumers in emerging economies often perceive banking services as too expensive. As a result, these consumers opt out of using formal financial services, preferring informal alternatives instead. However, we have seen an increasing proportion of lower-income consumers opening financial accounts through mobile money operators. This more diverse pool
Eswatini’s journey towards revolutionising its payments system In 2009, the Central Bank of Eswatini (CBE) published the Swaziland National Payment System (NPS) Vision 2009–2016 made significant inroads in developing key guidelines, regulations and initiating processes for a more efficient and reliable payment system. The focus of the 2021–2025 strategy is to create the key
Exploring the potential of remittance-linked insurance products to improve the resilience of households in sub-Saharan Africa (SSA) Remittances are particularly important on the continent and serve as a lifeline to many households. Yet insurance products that enable the sustained flow of remittances or the resilience of senders and receivers remain unexplored in SSA. Both remittance
Hundreds of millions of people globally remain excluded from formal financial services to meet their needs in an affordable way. According to Findex (2017), 17% of adults in sub-Saharan Africa report not having a financial account because they cannot produce identity documents that banks are requesting as part of their
The need to build greater resilience in Africa and globally has been clearly demonstrated by the devastating impact of the COVID-19 pandemic on our society. The insurance industry has not been unaffected; work Cenfri did with OESAI and FSD Africa in June indicated that over 60% of insurers experienced a
The COVID-19 pandemic has shone a light on the need for the African insurance sector to demonstrate its critical role in supporting people and businesses. The pandemic has been the most severe risk event in Africa in years, but many insurers have not delivered on their promise. If the sector
