The Central Bank of West African States (BCEAO) has announced the launch of its Instant Payment System Platform (PI-SPI), which enables instant transactions between mobile money operators and banks. The new system, which came into effect on November 2, 2026, aims to facilitate seamless transactions across the region. The platform allows for instant transfers between MTN, Orange, Moov, and Wave, as well as with banks. This move is expected to enhance financial inclusion and efficiency in the region.
The introduction of PI-SPI brings significant changes to the way transactions are conducted in West Africa. One of the key changes is the introduction of a daily threshold of 8,000 FCFA for free transactions. Once this threshold is exceeded, a fee of up to 0.8% will be applied to the transaction. However, recipients will not be charged any fees, regardless of the amount received. This new regime is designed to promote financial transactions while minimizing costs for users.
The BCEAO has also increased transaction limits for identified accounts. The new limits allow for transactions of up to 4 million FCFA, up from 2 million FCFA previously. Additionally, mobile money recharges can now reach up to 15 million FCFA per month, up from 10 million FCFA. These changes are expected to facilitate larger transactions and enhance the overall efficiency of the financial system.
The PI-SPI platform serves as a gateway for instant transactions between banks, mobile money operators, and other financial institutions. The platform enables transactions to be completed in under 10 seconds, making it a significant improvement over traditional payment systems. The BCEAO has made it mandatory for all transactions between different banks or between a bank and a mobile money account to go through the PI-SPI platform.
The new platform also has significant implications for businesses. The BCEAO has set a limit of 100 million FCFA for instant payments between enterprises. However, individual banks can set lower limits for security reasons. This move is expected to facilitate larger transactions and enhance the overall efficiency of the financial system.
The BCEAO has announced that the new rules and tariff benefits will be extended to cross-border transactions between the eight member states of the West African Economic and Monetary Union (UEMOA). The new regime will come into effect on June 1, 2027, and will apply to transactions between Benin, Burkina Faso, Mali, Côte d'Ivoire, Guinea-Bissau, Niger, Senegal, and Togo.
The introduction of the PI-SPI platform is a significant step towards enhancing financial integration and inclusion in West Africa. The BCEAO's move is expected to promote economic growth, reduce transaction costs, and enhance the overall efficiency of the financial system. The platform is also expected to facilitate greater cooperation and integration among the member states of the UEMOA.
Key points
- The BCEAO's new instant payment system enables transactions between mobile money operators and banks.
- The platform has a daily threshold of 8,000 FCFA for free transactions.
- The new regime will be extended to cross-border transactions between UEMOA member states in June 2027.
