Exciting economic opportunities ahead thanks to the new eCFA digital currency
The West African Economic and Monetary Union (UEMOA or WAEMU) consists of 8 West African countries. Its creation has ensured a trading and economic union between the members that with the establishment of universal policies, external tariffs, accounting systems and a regional banking system, has helped increase imports and exports not only between the countries in the UEMOA, but also with other important partners, including the U.S.
The 8 members of the West African Economic and Monetary Union are Togo, Benin, Senegal, Cote d’Ivoire, Burkina Faso, Mali, Niger and Guinea Bissau. The largest exports are oil, vehicles, machinery, plastic and pharmaceutical products, and the largest imports are cocoa, rubber, oil, cashews and wood.
ECurrency Mint and the Banque Regionale de Marches (BRM)
The use of digital currencies in Africa is already on the increase, with recent successes seen in South Africa and others planned in Ghana. This is partially being driven by economic turmoil and corruption as well as the fact that only 20% of Africa’s population currently has the opportunity to access reliable banking institutions and other financial services. Bitcoin is already being used as a way of building assets by a number of South and West Africans.
Jonathan Dharmapalan, the CEO and founder of eCurrency recently said, “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.” and Alioune Camara the CEO of BRM backed up Jonathans comments by adding, “We are committed to bringing digital financial services and true financial inclusion to West Africa. 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.”.
Banque Regionale de Marches (BRM) will issue the new eCFA digital currency
The BRM and the Central Bank of the UEMOA, the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), have worked together to ensure the new digital currency is fully compliant with all the necessary e-money regulations, ensuring that its value matches its equivalent physical legal tender and that it can be used across all payment platforms currently in existence.
The rollout of the new digital currency will start in Senegal before being launched in the other UEMOA countries. It has been built in a highly secure digital ecosystem and can be used in all e-money wallets and mobile money applications, as well as effortlessly coexisting with other existing types of currency, ensuring a fully seamless experience.
The new eCurrency will ensure that the UEMOA is able to benefit from the forecasted significant economic opportunities and benefits, as the use of digital currencies as a method of payment continue to increase across the world.
Image source: http://www.ecodafrik.com/