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.
The World Bank (2017) estimates that 1.1 billion people live without proof of identity. Nearly 50% of these people live in sub-Saharan Africa, where 454 million individuals are excluded from formal identify systems. In Nigeria, 78% of the population or 149 million individuals cannot prove their identity. Lack of identity documentation
Micro, small and medium-sized enterprises (MSMEs) are the lifeblood of most economies globally. They are recognised as one of the primary engines for growth and employment, making up at least 90% of businesses and more than 50% of employment worldwide. Policy-makers and donors are increasingly pushing MSME development, and global
For regulators, the dual implications of innovation make it a critically important but challenging topic to address. Regulators with a mandate to encourage market development and sectoral growth are obliged to encourage innovative providers and products that help to drive this market development and enhance consumer value. However, regulators are
The five-year RRI programme is a partnership between FSD Africa and Cenfri. Its aim is to improve welfare and boost investment growth in sub-Saharan Africa. To achieve this, it works to strengthen the integrity and risk management role of the financial sector and to facilitate remittance flows within and into
Innovative Solutions to Africa’s Remittances Problem You want to send money home because your sister is desperately ill and your mom can’t afford to get her to the doctor. They need the funds as soon as possible, so you go to the closest remittance outlet, fill out the paperwork, make
Digital financial inclusion holds great promise. Last year, a McKinsey report found that digital finance could add up to $3.7 trillion to the GDP of emerging economies within a decade. A recent blog from the World Bank explains that the biggest impact from financial inclusion comes from digital payments and savings accounts. Studies
The way we stay in touch, do our shopping, and even the ways in which some of us find love, have all gone digital. Yet, for the vast majority of people sending money home to friends and family in Africa, they are still doing it the way they have always
The Democratic Republic of the Congo (DRC) may be one of the most challenging environments for financial services. From both a provider and consumer perspective, infrastructure, a rapidly changing financial services landscape and regional disparities pose significant challenges to the market. In 2014, the Ministry of Finance formally requested UNCDF’s
The World Bank estimated that in 2016 remittances from migrant workers to developing countries will be worth USD 440 billion. More than twice that of foreign aid. Remittances play a critical role in supporting the welfare of many individuals and households in developing countries. Moreover, remittances can contribute to economic
Over the past five years, the move towards digital financial services and simplified account opening procedures has improved the take-up of accounts by the low-income sector. The 2014 global Findex data highlighted that the number of people without access to formal accounts decreased from 2.5 billion in 2011 to 2
