Banque Régionale de Marchés (BRM) has announced Senegal will be the very first country in the West African Economic and Monetary Union (WAEMU) to use its digital tender.
Launched in partnership with eCurrency Mint Limited (eCurrency), the digital tender, known as eCFA, is a high security digital instrument that can be held in all mobile money and e-money wallets.
It will secure universal liquidity, enable interoperability, and provide transparency to the entire digital ecosystem in WAEMU.
“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,” said Jonathan Dharmapalan, Founder and CEO of eCurrency.
eCFA, which can only be issued by an authorized financial institution, will be transacted across all existing payment platforms and will be equivalent in value to physical legal tender.
After launch in Senegal, the eCurrency will be extended in a second phase to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau.
The eCFA, according to BRM, is the ultimate instrument of financial inclusion. It offers citizens a means by which to save and transact in a secure digital instrument.