The launch of this interoperable instant payment system is a major innovation that promises to radically transform financial transactions in the region, according to the Central Bank of West African States (BCEAO).
And July 22, 2024 will be a key date for West Africa’s financial ecosystem.
The Central Bank of West African States (BCEAO) had on Thursday launched the pilot phase of an interoperable instant payment system, a major technological advance that will revolutionise financial transactions within the West African Economic and Monetary Union (UEMOA).
The new system, which will be operational 24/7, promises to significantly simplify payments and transfers for individuals and
businesses, while promoting financial inclusion in the region, according to an official BCEAO statement.
This ambitious initiative reflects BCEAO’s commitment to modernizing the region’s financial infrastructure.
The statement added that the system “will be operational 24 hours a day, 7 days a week, and will be able to process all types of transactions, regardless of the type of account.”
ARD/te/lb/GIK/APA