West Africa could soon have its very own digital currency, starting with Senegal. The new currency, known as eCFA, is designed to operate alongside the West African franc (CFA), currently in use throughout most of francophone West Africa.
According to a Quartz Africa report, the e-currency is yet another way financial technology can help emerging markets offer financial inclusion to more people. And if the roll-out in Senegal is successful, the currency will be used elsewhere in the region, including Côte d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea Bissau.
Created by eCurrency Mint Limited, the eCFA will be issued by the regional bank (Banque Régionale de Marché) and is designed to work with existing mobile money platforms such as M-Pesa. It will also include security features such as watermarks, serial numbers and a governor signature.
