Facebook’s Libra is about to disrupt mobile money; here’s why central banks must care
Libra will make it possible to transfer funds with the ease that users transfer photos from their gallery in the phone to a contact in their WhatsApp list. PHOTO | KAY NIETFELD | AFP
Facebook announced on June 18 that it is leading a consortium to build and launch Libra, a cryptocurrency, illustrating disruption in its best form.
If the project succeeds, the scale of disruption in Africa — and beyond — will be enormous. For example, traditional remittance businesses such as Western Union and MoneyGram will either adapt or become extinct.
