• BCEAO to launch instant payment system (PI-SPI) for WAEMU in September.
• Enables real-time transfers across banks, microfinance, and mobile money.
• Supports rising digital use; e-money accounts hit 209M in 2023.

The Central Bank of West African States (BCEAO) announced on Friday that its Interoperable Instant Payment System Platform (PI-SPI) is scheduled to launch at the end of September. The new regional infrastructure is designed to facilitate real-time money transfers within the WAEMU area.

The system will allow clients of banks, microfinance institutions, and electronic money operators to make instant, secure, and interoperable transfers regardless of the account type or channel used. Pilot tests have been underway with a sample of selected clients since June 5 to assess the system's performance under real conditions.

This unified payment system was established to meet the growing demand for faster, safer, and more accessible financial services in West Africa. According to a BCEAO report, the number of active electronic money accounts in the WAEMU area rose from 157 million to 209 million between 2022 and 2023, an increase of 32.74%. These services now contribute to 56% of the region’s overall financial inclusion rate, which was 72.3% at the end of 2023.

With PI-SPI, the central bank is advancing its payment system modernization plan and facilitating the interconnection of various financial players in the region. The goal is to build a more integrated ecosystem that can support the growth of fintechs, streamline electronic flows, and reduce the region's dependence on cash.

Ultimately, the system could encourage wider adoption of digital payment methods for daily use and expand access to financial services in areas underserved by traditional networks. By connecting financial sector players, this initiative paves the way for unprecedented regional interconnection.

Samira Njoya