2024-07-24 13:13:54
Monday, July 22, 2024, The Central Bank of West African States (BCEAO) has launched the pilot phase of the West African Economic and Monetary Union (UEMOA) interoperable instant payment system. An important step has just been taken before the service is about to be opened to the public. 25 financial institutions met the criteria for participating in the pilot phase. They are two from Burkina Faso. By country of incorporation, these are:
| Payment | mechanism | Payment | mechanism |
| benign | Eco Bank
mobile network Olabanque |
Mali | Brain-computer interface
Eco Bank Olabanque |
| Burkina | Eco Bank
Olabanque |
Niger | Eco Bank
Olabanque |
| Ivory Coast | Eco Bank
Mansa Bank mobile network Olabanque |
Senegal | BNDE
International Credit Eco Bank FBN Bank Mobile Cash Olabanque |
| Guinea-Bissau | Union Bank
Eco Bank Olabanque |
Togo | Eco Bank
Olabanque |
This pilot phase will allow BCEAO to test the interoperable system and for participants to ensure that their systems operate according to the defined specifications. A second group of institutions will join the pilot phase on August 12, 2024. The new interoperable instant payment infrastructure will operate continuously 24/7 and will be able to process transactions of any nature, regardless of account type.
Source: BCEAO press release
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