The South African Reserve Bank (SARB) has unveiled an ambitious roadmap that seeks to usher in a cashless era, prioritizing financial inclusion and economic growth.

Licensed digital/online money lenders, who are diverting from the newly issued digital lending guidelines issued in March by the Uganda Microfinance Regulatory Authority (Umra), risk having their licenses revoked, the sector regulator has warned.

By streamlining cross-border payments and reducing reliance on third-party currencies, initiatives like these promote financial inclusion and stability. 

Known as the digital ouguiya, the potential CBDC would complement cash. 

Small transfers of bitcoin to El Salvador jumped over four-fold in May from a year ago but still represent a small amount when compared to remittances sent in dollars.