BCEAO Launches Instant Payment System for WAEMU – September Launch
The Central Bank of West African States (BCEAO) will introduce the Interoperable Instant Payment System Platform (PI-SPI) in September, aiming to revolutionize real-time money transfers within the WAEMU region.
This advanced system enables immediate, secure, and seamless transactions among banks, microfinance institutions, and mobile money entities, eliminating barriers related to account types or transaction channels. It has been undergoing successful pilot tests since June 5 to ensure optimum performance.
Driven by the surge in digital transactions, the number of e-money accounts has surged to 209 million in 2023 from 157 million in 2022, reflecting a remarkable 32.74% growth. These services now account for 56% of the region’s overall financial inclusion rate, which stood at 72.3% by the close of 2023.
The introduction of PI-SPI aligns with BCEAO’s vision for modernizing payment systems and fostering collaboration among diverse financial stakeholders in the area. The primary objective is to establish a comprehensive ecosystem that nurtures fintech development, optimizes electronic transactions, and reduces reliance on physical currency.
The system’s potential impact includes encouraging broader usage of digital payment solutions for day-to-day financial interactions and enhancing access to banking services in underserved regions. By linking financial industry players, this initiative sets the stage for unparalleled regional connectivity.
