Cash in Africa has long been more than a convenience since it is a necessity, a tool of survival, and a symbol of inclusion in economies where formal financial structures often fall short. Despite decades of policy reforms and an accelerating wave of digital innovation, the continent remains rooted in a complex mix of cash dependency and growing digital experimentation.
In recent years, African nations have embraced various forms of digital payment systems, mobile money, electronic wallets, and contactless transfers, aimed at deepening financial inclusion and enhancing economic participation. These innovations have seen considerable success. In East Africa, mobile money platforms have become nearly ubiquitous, and in West Africa, platforms such as MoMo and others are redefining how people transact. Hitherto, even with this momentum, digital finance has not replaced cash, instead, it sits alongside it, layered and uneven.
The COVID-19 pandemic, economic disruptions, and infrastructure challenges have all served to amplify the fragility of digital-only systems. For many communities, especially those in rural areas or operating in the informal economy, cash remains the most accessible and reliable mode of exchange. The disruption of network services or lack of digital literacy can render even the most sophisticated platforms unusable. These moments of crisis have prompted a necessary reckoning with the assumptions underpinning Africa’s financial systems.
It was against this backdrop that the Merian Institute for Advanced Studies in Africa (MIASA) at the University of Ghana convened a two-day forum under the theme “Cash in Crisis in Africa: Navigating Financial Realities in Times of Disruption,” in May 2025. The event, organised by MIASA’s Interdisciplinary Fellow Group 12, brought together a cross-section of scholars, policy actors, and financial practitioners from across the continent and beyond.
Held at the Institute of Statistical, Social and Economic Research (ISSER), the conference explored how African societies manage their monetary lives when formal systems come under stress. Conversations ranged from the resilience of informal savings groups to the vulnerabilities of mobile money during outages, from state-led policies on cash access to grassroots innovations in financial survival.
PC: University of Ghana Public Affairs Directorate
The gathering, in many ways, reflected the dual reality facing African economies, which included the promise of technology and the persistent relevance of tradition. The discussions led by scholars and experts in finance and related fields drew recurring themes which were aligned with the need for hybrid payment systems that do not treat digital and cash as adversaries but as complementary mechanisms of inclusion.
The ideas put forward were geared towards encouraging the design of systems that are responsive to the diverse conditions across the continent and not to choose one over the other.
Throughout the sessions, participants examined case studies highlighting how African countries responded to payment shocks. Institutions like the Bank of Ghana and the South African Reserve Bank were cited for implementing policies that maintain access to cash, even as they promote digital financial services. These policies, often overlooked, have proven critical in ensuring that marginalised populations are not excluded from the economy during periods of instability.
In reflecting on the dialogue, one could sense a collective understanding that imported blueprints cannot shape Africa’s financial realities. Instead, solutions must emerge from lived experience, contextual knowledge, and flexible systems that reflect the continent’s socioeconomic diversity. The focus was on designing robust technologies and also on promoting trust, building financial literacy, and ensuring institutional readiness.
The presence of researchers, such as those from Germany’s Deutsche Bundesbank and institutions across Africa and Europe, added an essential dimension to the conversation, highlighting both global perspectives and continental ownership of the discourse. It also became evident that international institutions can offer insights, but the future of Africa’s financial resilience rests squarely in the hands of Africans.
PC: University of Ghana Public Affairs Directorate
One of the notable outcomes of the conference was a commitment to produce a policy brief for central banks and financial regulators, capturing the key insights and recommendations from the discussions. For a participant, the forum was a space where research met real-life experiences, policy interacted with people, and the future of finance was envisioned in solidarity and not isolation.
The stakeholders, including Prof. Joseph Awetori Yaro, Mr. Fabio Knümann, Prof. Peter Quartey, Prof. Grace Diabah, and Prof. Mamadou Diawara, deemed it important that Africa designs its own payment systems based on its unique socio-economic contexts, lived realities, and infrastructural conditions. These systems, they stressed, should prioritise resilience, inclusivity, and adaptability to ensure functionality during both stable periods and times of crisis.
