Mention the methods of payments used in sub-Saharan Africa and for many people it will probably conjure up images of wads of cash changing hands in street markets. But although the majority of sub-Saharan African countries are still cash-driven, significant advances are being made thanks to innovations on the ground by telcos, microfinance companies and banks, as well as reforms led by central banks across the continent.
Reform and modernisation of a payments system is no easy task, as Stephen Mwaura Nduati, head of the National Payments System at the Central Bank of Kenya, points out: "There are many stakeholders with a host of their own needs. The provider wants a return on investment. The consumer wants to access services. The country wants to see gross domestic product [GDP] growth and the central bank wants a stable financial system."
