A financial revolution quietly unfolds in the heart of the world’s second-largest continent. Central Bank Digital Currencies (CBDCs) have become more than a contemporary concept. In Africa, they promise a transformative future.
Africa is silently weaving a narrative that might shape our world’s monetary future. CBDCs have taken center stage, and while advanced economies debate their adoption, many African nations are racing ahead.
Africa’s Unbanked Shift From Mobile Payments to CBDCs
The story of Africa’s technological evolution is both compelling and unique. Skipping the era of landlines, the continent plunged directly into the mobile age. This transition was not just technological — it reshaped societies.
Platforms like M-Pesa brought financial access to corners of the continent previously untouched by traditional banking.
Indeed, traditional banking left gaps in Africa. Although the average rate of account ownership in the region increased to over 70%, approximately 350 million adults, from the bustling markets of Lagos to the serene coastlines of Madagascar, are untouched by formal financial systems.
“In Sub-Saharan Africa, [the increase in the average rate of account ownership] was largely due to the adoption of mobile money… Mobile money has become an important enabler of financial inclusion in Sub-Saharan Africa — especially for women — as a driver of account ownership and of account usage through mobile payments, saving, and borrowing,” reported the World Bank.
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Author: Bary Rahma
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