The Central Bank of West African States (BCEAO) has launched its Interoperable Instant Payment System Platform (PI-PSI). The official launch took place in Dakar on September 30, led by Governor Jean-Claude Kassi-Brou.
The system allows instant money transfers 24/7 across banks, microfinance, e-money issuers, and payment institutions. It aims to reduce costs, improve security, and boost financial inclusion in the WAEMU zone. In Togo, Coris Bank, Ecobank, and Orabank are already operational on the platform. More institutions, including BOA, BIAT, Cofina, and Sunu Bank, are set to join soon.
Authorities say the platform will enhance regional integration and support digital payments over cash. The project is financially backed by the Gates Foundation and the African Development Bank (AfDB).
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