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. |
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
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
In the past decade, the government of Rwanda has made significant investments in the tourism sector, positioning it as a vital driver of economic development and decentralization, catering to both domestic and international visitors. As part of the Rwanda Economy Digitalisation Programme, we conducted a landscaping study of the tourism
Remittances are a valuable lifeline for Africans, with over USD 100 billion flowing into the continent annually from a migrant workforce of 40 million individuals worldwide. In over a quarter of African countries, remittance flows are equivalent to more than 4% of GDP, a number that rises to more than
KYC and CDD requirements can inhibit access to remittances for low-income, rural households and women. These are our findings from the Remittance Access Initiative where we provided technical assistance – in partnership with IFAD’s Financing Facility for Remittances – through a range of interventions across 7 African countries.
Rwanda must be cashless by 2024 – that’s the bold target set in the National Payment System Strategy 2018-2024. This policy has strong empirical backing, with a whole range of literature that documents the benefits of digital financial services. Moving from cash to digital payments saves people travel and time
Interoperable payment systems improve the efficiency and effectiveness of retail and cross-border payments. Cenfri worked with BankservAfrica on a white paper that assesses the state of cross border payments within the Southern African Development Community (SADC). We examined the challenges in the cross-border payment market, and how instant payment systems
Innovation opportunities for enhanced remittance access As part of our Remittance Access Ininitative (RAI), Cenfri conducted a regulatory assessment of seven countries (Ghana, Kenya, Morocco, Senegal, South Africa, The Gambia and Uganda) to consider whether the regulatory environment was conducive to innovations around the know-your-customer (KYC) and customer due diligence
Central banks have cited several reasons for considering or piloting central bank digital currencies (CBDC). These include a desire to enhance financial stability and monetary policy, improve payment systems, and contribute to financial inclusion. However, uncertainty still exists regarding how a CBDC can be designed to promote greater access and
The Remittance Access Initiative (RAI) is a programme set up through a partnership between IFAD’s Financing Facility for Remittances (FFR) and Cenfri. Cenfri is working with a range of remittance service providers (RSPs) to improve access to cheaper, faster, and safer remittance services. This article covers a related innovation that
Recognising the importance of digital payments as a contributor to financial inclusion, central banks in low-and-middle-income countries (LMICs) are increasingly looking to address the remaining payment needs. Central bank digital currency (CBDC), both in its general-purpose and wholesale form, is one innovation that is receiving attention for its potential in
