Senegal has announced that it’s working with eCurrency and Banque Régionale de Marchés (BRM) to launch a digital currency in the country and the entire West African Economic and Monetary Union (WAEMU).
The eCFA is a high security digital instrument that can be held in all mobile money and e-money wallets and will secure universal liquidity, enable interoperability, and provide transparency to the entire digital ecosystem in WAEMU.
“The mission of eCurrency is to preserve the secure and inclusive characteristics of physical fiat currency in our rapidly emerging digital world. We are realizing this important mission in the WAEMU region through the implementation of eCFA by BRM,” said Jonathan Dharmapalan, Founder and CEO of eCurrency.
BRM will issue the digital tender, eCFA, in compliance with e-money regulations of Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the Central Bank of WAEMU. This secure digital instrument can be transacted across all existing payment platforms and will be equivalent in value to physical legal tender.
BRM will start distribution of the digital currency-the eCFA in Senegal and will be extended in a second phase to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau. The eCFA is issued to coexist with other forms of currency, offering a digital form to seamlessly send, receive, store, and transact digitally.
With only 20% of Africa’s population having access to basic banking services, a trusted electronic means of transacting is the ultimate instrument of financial inclusion. The digital legal tender offers citizens a means by which to save and transact in a secure digital instrument.
“We are committed to bringing digital financial services and true financial inclusion to West Africa,” said Alioune Camara, CEO of BRM. “We are very happy to announce the eCFA capability here. An eCFA backed by our banking system and the central bank is the safest and most secure way to enable the digital economy. We can now facilitate full interoperability between all e-money payment systems. This is a great leap forward for Africa.”