The Central Bank of West African States (BCEAO) officially launched the interoperable platform for the Pi-Spi instant payment system on Tuesday. It will enable funds to be sent and received instantly between different financial institutions such as banks, electronic money issuers, microfinance institutions, and payment institutions.

Senegal's Minister of Finance, who presided over the ceremony, welcomed the achievement of a shared vision of a more inclusive and dynamic financial ecosystem that meets the needs of WAEMU populations. Cheikh Diba emphasized that “interoperability will be a powerful driver for the development of digital payments, financial inclusion, and regional economic integration.”

And by giving all economic actors the ability to interact, without transactional barriers, it “will contribute to strengthening the growth of digital payment instruments and promoting people's access to financial services.”

The Governor of the BCEAO explained that Pi is the culmination of a shared vision of the union's authorities, supported by the central bank. That of a more inclusive, more dynamic financial ecosystem that meets the needs of the WAEMU population.

“Pi is, in fact, an interoperable instant payment system, available continuously 24 hours a day in the eight countries of the union, meeting the highest standards in terms of performance and security. Pi thus meets the challenges of speed, efficiency, competitiveness and inclusiveness of payment in our economic area,” he explains.

The objective, says Jean-Claude Kassi Brou, is above all to strengthen financial inclusion, reduce the use of cash, promote innovation, and consolidate the economic and financial integration of the union. “It's about making digital payments a true public good accessible to all at competitive costs, a vector of progress,” he assures.

For example, explains the Governor of the BCEAO, for companies, from small to large, Pi will facilitate the automation of receipts and disbursements while optimizing cash management and shortening settlement cycles.

As for traders and artisans, “the standardized QR code makes it possible to collect payments from all customers, regardless of the payment service provider, thus paving the way for the growth of regional trade across the union,” explains Jean-Claude Kassi Brou.

He emphasizes that for banks, microfinance institutions and payment and electronic money institutions, Pi will help streamline operational costs, expand the range of financial services and the customer base, creating new opportunities for the development of their activities.

“For public treasuries and administrations, Pi will constitute a centralized and interoperable channel for the payment of salaries, social assistance and other financial commitments, as well as the consolidation of public debts,” added the Governor of the BCEAO.