Uemoa : instant interoperable account-to-account payments will be available on July 22th, 2024

The Central Bank of West African States (Bceao) is launching the pilot phase of the West African Economic and Monetary Union’s (Uemoa) interoperable instant payment system on July 22th, 2024. This new infrastructure complies with the international security standards for payment systems will play a key role in promoting financial inclusion in the Uemoa.

In practical terms, this decision by Bceao marks a decisive stage in the life of this financial institution. According to a press released from the West African Central Bank,

This decisive step reflects Bceao’s commitment to set up an interoperable instant payment system, operational 24 hours a day, 7 days a week, capable of processing transactions of all kinds, whatever the type of account.

read in the institution’s press release.

Indeed, the system’s interoperability means that transactions can be carried out in different types of account, without restriction, also promotes greater fluidity and efficiency in financial exchanges. BCEAO is placing a particular emphasis on financial inclusion with this initiative. By making payments more accessible and faster, even in the most remote areas, this system aims at integrating a greater proportion of the population into the formal financial network. This will not only facilitate day-to-day transactions, but also encourage savings and investment on a larger scale.

Whether the account is held with a bank, e-money issuer, microfinance institution or payment institution connected to the interoperable system, users will now be able to make transactions and payments to their beneficiaries’ accounts, even if the beneficiary’s financial institution is different from that of the sender. Funds will be received instantly and available immediately,

explains Bceao.

In addition,

Users will be able to make payments at any merchant that has an interoperable QR Code or is able to send a payment request.

For individuals, the new system means instant secure money transfer, greater flexibility in managing personal finances, and a reduction in the costs associated with financial transactions. For businesses, it offers the possibility of managing payments more efficiently, reducing processing times and improving cash flow.

Finally, the rate that will be applied to these instant transactions and the ceiling per operation. The duration of an instant transfer has not been communicated. Monday July 22th, 2024 will be an opportunity for Bceao to explain the terms of its communiqué more easily to users.