WAEMU: BCEAO Unveils Imminent Testing of a Cross-Country Instant Payment System

Finance

Friday, 21 June 2024 16:49

WAEMU: BCEAO Unveils Imminent Testing of a Cross-Country Instant Payment System

(Togo First) - The Central Bank of West African States (BCEAO) will start testing on June 22 a new interoperable instant payment system covering all West African Economic and Monetary Union (UEMOA) countries. The Bank just announced the launch, stressing its importance for expanding financial services in the Union.

Instant"transactions"

The new payment system will be online 24/7. It will allow users to carry out instant transactions, regardless of the type of account held, whether with a bank, e-money issuer, microfinance institution, or payment institution. The BCEAO further noted that transfers and payments will also be possible between different financial institutions, guaranteeing immediate availability of funds for beneficiaries.

The system is expected to simplify and accelerate transfers between all banks active in the WAEMU, and between money wallets, such as mobile money.

"Users will be able to make payments at any merchant with an interoperable QR Code or capable of sending a payment request. The provision of financial services to businesses will be standardized", the BCEAO explained. The new system, the lender added, could spur new financial services.

Ayi Renaud Dossavi

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