eCurrency Mint has collaborated with Banque Régionale de Marchés (BRM) to provide a digital currency in the West African Economic and Monetary Union (WAEMU).
Under the arrangement, BRM will issue the digital tender, eCFA, in compliance with e-money regulations of Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), the Central Bank of WAEMU.
The eCFA is a high security digital instrument, which can be held in all mobile money and e-money wallets, eCurrency Mint said.
The digital instrument can be transacted across all existing payment platforms and will be equivalent in value to physical legal tender.
Its distribution will start in Senegal and will be extended to Cote d’Ivoire, Benin, Burkina Faso, Mali, Niger, Togo and Guinea-Bissau in the second phase.
eCurrency founder and CEO Jonathan Dharmapalan 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.”
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Alioune Camara, CEO of BRM, said: “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.”
The electronic money provided by BRM can only be issued by an authorized financial institution.