Burkina Faso selects Ecobank and Orabank for pilot phase of interoperable instant payments system

Burkina Faso selects Ecobank and Orabank for pilot phase of interoperable instant payments system

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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