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.
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
Learnings from the Remittance Access Initiative (RAI) in partnership with IFAD’s Financing Facility for Remittances Cenfri, in partnership with IFAD’s Financing Facility for Remittances recently shared insights at several of IFAD’s National Remittance Stakeholder Network (NRSN) meetings. These meetings were established by the Platform for Remittances, Investment and Migrants’ Entrepreneurship
Will CBDC solve your financial inclusion woes or further exclude the vulnerable? Central bank-backed digital currency (CBDC) may alleviate financial exclusion barriers, but it comes with risks. Given some of the shortcomings of digital financial services in reaching financially excluded populations, central banks in developing and emerging markets have increasingly
Cenfri has deepened its work on CBDC amid growing interest from central banks Central Bank Digital Currency (CBDC) has emerged as a key consideration for many central banks across the world and has become a focal area of research for Cenfri over the past four years. Our insights have progressed
The role of enabling identity regulation in Ghana Recent data shows that remittances continue to play a critical role in Ghana. According to Ghana’s 2020 Remittance Market Diagnostic, remittances contributed 6.2% to the Ghanian GDP economy and supported the livelihoods of an estimated 600,000 households in 2020. Beyond domestic investment,
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
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
Learnings from the Remittance Access Initiative (RAI) in partnership with IFAD’s Financing Facility for Remittances Cenfri, in partnership with IFAD’s Financing Facility for Remittances recently shared insights at several of IFAD’s National Remittance Stakeholder Network (NRSN) meetings. These meetings were established by the Platform for Remittances, Investment and Migrants’ Entrepreneurship
Will CBDC solve your financial inclusion woes or further exclude the vulnerable? Central bank-backed digital currency (CBDC) may alleviate financial exclusion barriers, but it comes with risks. Given some of the shortcomings of digital financial services in reaching financially excluded populations, central banks in developing and emerging markets have increasingly
Cenfri has deepened its work on CBDC amid growing interest from central banks Central Bank Digital Currency (CBDC) has emerged as a key consideration for many central banks across the world and has become a focal area of research for Cenfri over the past four years. Our insights have progressed
The role of enabling identity regulation in Ghana Recent data shows that remittances continue to play a critical role in Ghana. According to Ghana’s 2020 Remittance Market Diagnostic, remittances contributed 6.2% to the Ghanian GDP economy and supported the livelihoods of an estimated 600,000 households in 2020. Beyond domestic investment,
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
