Africa: BCEAO to launch new financial transaction system
The Central Bank of West African States (BCEAO) has announced a new payment and transaction system set to be tested on July 22. This system aims to simplify and streamline payments and transactions both nationally and within the West African Economic and Monetary Union (UEMOA).
The system, operational 24/7, will allow users to conduct instant transactions regardless of the type of account held, whether with a bank, electronic money issuer, microfinance institution, or payment establishment. Transfers and payments will also be possible between different financial institutions, ensuring immediate availability of funds for beneficiaries.
“Users will be able to make payments to any merchant with an interoperable QR code or capable of sending a payment request. Financial services for businesses will be standardized”, announced a BCEAO statement.
“Whether the account is held by a bank, an electronic money issuer, a microfinance institution, or a 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”, the Bank indicated.
It should be noted that this new service offers numerous advantages: instant money transfer without time or distance constraints, continuous availability via the bank account, security and reliability with immediate transaction confirmation, and generally competitive fees.
