Now reading: An assessment of customer due diligence and identity regulatory frameworks

Payments & Remittances

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.
Financial Integrity & Identity

An assessment of customer due diligence and identity regulatory frameworks

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

Read More »
19 May, 2023
Digital Transformation & Data

Understanding CBDC and its application in emerging markets

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

Read More »
3 March, 2023
Payments & Remittances

Tailored CBDC technical assistance in emerging markets

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

Read More »
8 February, 2023
remittance
Payments & Remittances

Lessons on improving remittance access in Africa

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

Read More »
23 September, 2022
Digital Transformation & Data

The potential of CBDCs for financial inclusion

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

Read More »
9 September, 2022
Digital Transformation & Data

CBDC for emerging markets: realities and expectations

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

Read More »
4 August, 2022
Payments & Remittances

Delivering remittances at the last mile

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,

Read More »
12 May, 2022
Payments & Remittances

Enhancing risk assessment processes for improved remittance access

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

Read More »
12 April, 2022
Opportunities for remittance-linked insurance products in SSA
Payments & Remittances

Opportunities for remittance-linked insurance products in SSA

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

Read More »
22 January, 2022
Financial Integrity & Identity

An assessment of customer due diligence and identity regulatory frameworks

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

19 May, 2023
Digital Transformation & Data

Understanding CBDC and its application in emerging markets

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

3 March, 2023
Digital Transformation & Data

Digitisation contributes to improved remittance access and a better customer experience

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

23 February, 2023
Payments & Remittances

Tailored CBDC technical assistance in emerging markets

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

8 February, 2023
remittance
Payments & Remittances

Lessons on improving remittance access in Africa

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

23 September, 2022
Digital Transformation & Data

The potential of CBDCs for financial inclusion

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

9 September, 2022
Digital Transformation & Data

CBDC for emerging markets: realities and expectations

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

4 August, 2022
Payments & Remittances

Delivering remittances at the last mile

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,

12 May, 2022
Payments & Remittances

Enhancing risk assessment processes for improved remittance access

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

12 April, 2022
Opportunities for remittance-linked insurance products in SSA
Payments & Remittances

Opportunities for remittance-linked insurance products in SSA

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

22 January, 2022
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