The eCFA’s development is the result of a partnership between regional bank Banque Régionale de Marchés (BRM) and eCurrency Mint, a fintech startup with a focus on central banks’-issued digital currencies.
If the Senegal rollout is successful, the currency will be used in most of Francophone West Africa Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Lusophone Guinea Bissau, qz.com reports. The eCFA has been designed to work with existing mobile money platforms like MPesa.
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