The compounding crises of the COVID-19 pandemic, unchecked climate change and the war in Ukraine have caused severe negative economic, social and environmental consequences across the globe. We are facing a risk of a sharply diverging world with inequalities widening between developed and developing countries and within developing countries themselves, between urban and rural areas, rich and poor, men and women. This is especially true for the African continent, which has already suffered a loss of almost a decade of development gains. But, consistent with the findings of the UN Secretary-General’s Task Force on Digital Financing ‘People’s Money: Harnessing Digitalization to Finance a Sustainable Future’, the pandemic has put a spotlight on the role of digital finance and its accelerated applications in response to the crisis.

A key question in this regard is how to use digital finance to improve economic participation, agency and resilience of people, facilitate cross-border trade and support sustainable development while addressing the risks of the widening digital divide. This paper will present the emerging applications of cryptocurrency in Africa, examine the evolving regulatory landscape and key accompanying risks and suggest potential policy considerations for leveraging this nascent, innovative instrument towards the advancement of the Sustainable Development Goals (SDGs) on the continent.