West Africa: BCEAO Authorizes 62 Institutions for Instant Payment System
Published: November 2, 2023
The Central bank of West African States (BCEAO) has expanded access to its Interoperable Payment System (PI-SPI), now authorizing 62 institutions to participate across the eight member countries of the West african economic and Monetary Union (UEMOA). This represents a significant increase from the initial 45 institutions approved at the system’s launch on September 30th.
The expansion, announced recently by the BCEAO, signals growing momentum for the PI-SPI. BCEAO Governor Jean Claude Kassi Brou stated, ”This momentum is called to widen until the full participation of all payment institutions in the Union.” The aim is to achieve worldwide participation within the UEMOA.
Three banks - Coris Bank, Ecobank, and Orabank – are leading the charge in interoperability, with a presence in all UEMOA countries.Senegal currently leads in adoption with 15 participating institutions, followed by Côte d’Ivoire (13) and Mali (8). Burkina Faso has secured 7 establishments, Togo 6, Benin 5, while Guinea-Bissau and Niger each have 4 institutions authorized to use the system.
| Country | Number of Institutions |
|---|---|
| Senegal | 15 |
| Côte d’Ivoire | 13 |
| Mali | 8 |
| Burkina Faso | 7 |
| Togo | 6 |
| Benin | 5 |
| Guinea-Bissau | 4 |
| Niger | 4 |
The PI-SPI aims to modernize payment systems within the UEMOA, facilitating faster, more secure, and more efficient transactions. This initiative is a key component of the region’s broader efforts to promote financial inclusion and economic integration.
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