The digital currency is called eCFA and will be issued by the Banque Régionale de Marchés (BRM). The effort is a joint partnership with eCurrency Mint, a company that helps central banks issue digital fiat currency.
Furthermore, it will be accepted by existing payment platforms such as MPesa, a mobile payments platform that allows people to transfer cash on their phones.
The e-money will be issued in compliance with the Central Bank of the West African Economic and Monetary Union (WAEMU). In its second phase of roll out, the e-currency will be used in other countries in the union: Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau.
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