The West African Economic and Monetary Union (UEMOA) has witnessed a significant shift in its payment landscape with the launch of the Plateforme interopérable du système de paiement instantané (PI-SPI) by the Banque centrale des États de l’Afrique de l’Ouest (BCEAO) on September 30, 2025. This platform aims to enable seamless transactions between different financial institutions, marking a new era in the region's financial sector. The PI-SPI platform has made interoperability mandatory for electronic money transactions since November 2, 2026.
The introduction of PI-SPI is expected to redefine the market dynamics for FinTech companies operating in the UEMOA region, which comprises eight countries, including Senegal. The platform's primary goal is to eliminate technical fragmentation that previously characterized the financial ecosystem. By doing so, it opens up new opportunities for FinTech companies, while also putting their business models to the test. The PI-SPI platform allows for the exchange of funds between different financial institutions, reducing the dependence of users on a particular network.
The shift towards interoperability is expected to change the competitive landscape for FinTech companies. With PI-SPI, the focus will shift from controlling networks to providing high-quality services and innovative solutions. FinTech companies will need to differentiate themselves through the quality of their applications, customer service, security, and user interface. This change is expected to promote healthy competition among FinTech companies, driving innovation and improving services for users.
The impact of PI-SPI on FinTech companies' revenue streams is a significant consideration. With the platform's interoperability and regulatory frameworks governing fees, there may be pressure on revenue streams that rely heavily on transfer commissions. According to the Avis n° 0019 du 2 octobre 2026, national transfers with a daily cumulative amount of 8,000 FCFA or less will be free, while fees for transfers above this threshold will be capped at 0.8% of the transfer amount.
The PI-SPI platform may also create opportunities for smaller FinTech companies to enter the market. With reduced barriers to entry, these companies can now compete more effectively with larger players. However, it is essential to note that interoperability does not guarantee success for FinTech companies. To remain competitive, they will need to adapt to the changing landscape and focus on providing high-quality services.
The development of the Mobile Money sector has transformed the financial habits of populations in West Africa. The introduction of PI-SPI is expected to further enhance this growth by enabling seamless transactions between different financial institutions. This, in turn, will promote financial inclusion and expand access to financial services for the unbanked population.
As the PI-SPI platform continues to shape the FinTech landscape in Senegal and the wider UEMOA region, companies will need to innovate and adapt to remain competitive. The platform's impact on the financial sector will be closely watched, as it has the potential to drive economic growth and promote financial inclusion.
Key points
- The PI-SPI platform promotes interoperability among FinTech companies, shifting the focus from network control to service quality.
- The platform's impact on revenue streams may lead to a decrease in transfer commissions, but also presents opportunities for growth through increased transaction volumes.
- Smaller FinTech companies may benefit from reduced barriers to entry, but must adapt to the changing landscape to remain competitive.
