UEMOA: The BCEAO is undertaking a major digital transformation of the regional financial landscape.

In a press release dated August 1, 2025, the Central Bank of West African States (BCEAO) announced the official launch of the Interoperable Instant Payment System Platform (PI-SPI), scheduled for Tuesday, September 30, 2025. This initiative marks a significant step in the evolution of payment instruments within the West African Economic and Monetary Union (UEMOA), which shares a common currency, the CFA franc.

With the launch of the PI-SPI, the BCEAO is breaking away from traditional bank transfer mechanisms, which are often considered lengthy and costly. From now on, fund transfers will be executed in real-time, 24 hours a day, 7 days a week, regardless of the institution involved (bank, mobile money service, or microfinance structure). This expanded interoperability aims to facilitate access to financial services for the population, strengthen economic inclusion, and modernize exchanges within the community space.

In anticipation of this deployment, the Central Bank has been conducting a phase of real-world testing since June 5, 2025. These tests have involved a representative panel of banking institutions, microfinance institutions, and electronic money issuers to assess the robustness, security, and fluidity of instant operations while ensuring their interoperability regardless of the types of accounts used.

The PI-SPI represents an important milestone in a broader strategy to modernize the regional financial system. In parallel, the BCEAO is working on finalizing the E-CFA, its central bank digital currency (CBDC). This innovation, which would allow individuals and businesses to hold a currency directly issued by the issuing institute, is part of a global trend towards the digitization of payment methods. It could profoundly redefine the balance of the traditional banking sector, particularly by challenging the business model of commercial banks, which is partly based on transaction fees and processing times.

In light of this transformation, financial institutions are called upon to undertake a genuine transformation of their business model. Their ability to offer high-value-added services tailored to the digital age will determine their future positioning in an increasingly competitive, transparent, and user-centered ecosystem.

At a time when African economies must strengthen their resilience and integration, the BCEAO reaffirms, through this initiative, its central role in driving monetary and financial reforms. By capitalizing on the rise of mobile money, the dematerialization of payments, and new technologies, the institution aims to promote finance that is more accessible, inclusive, and responsive to the needs of citizens and businesses in the region.

Source : Afrimag, Editorial Team MEPD Web Portal