BCEAO Launches Instant Payments Platform in Togo with Three Banks

Banking

Wednesday, 01 October 2025 11:57

BCEAO Launches Instant Payments Platform in Togo with Three Banks

(Togo First) - • BCEAO launched the interoperable Instant Payments Platform (PI-PSI) on September 30, enabling 24/7 secure fund transfers across UEMOA countries.
• In Togo, Coris Bank, Ecobank, and Orabank are the first operational banks, with others set to join later.
• The platform, supported by the Gates Foundation and AfDB, aims to boost financial inclusion, reduce transaction costs, and strengthen regional integration.

The West African States Central Bank (BCEAO) officially launched the interoperable Instant Payments Platform (PI-PSI) on September 30 in Dakar. Governor Jean-Claude Kassi-Brou presided over the event, which was broadcast to Lomé via videoconference. The launch marks a major step in modernizing digital payments across the eight UEMOA countries, including Togo.

The platform allows instant, irrevocable transfers between banks, microfinance institutions, e-money issuers, and payment service providers. Authorities said the system will cut transaction times and costs while promoting financial inclusion and encouraging electronic payments over cash.

Three Banks Operational in Togo

In Togo, Coris Bank, Ecobank, and Orabank currently operate on the platform, according to BCEAO. Additional institutions, including BOA, BIAT, Cofina, and Sunu Bank Togo, plan to join in the future.

Monetary authorities said the platform will strengthen competitiveness and regional integration. Guy Martial Awona, CEO of Orabank Togo and president of the UEMOA banking federation, called the launch a “decisive step toward an ecosystem where banks, microfinance institutions, and fintechs converge on a single infrastructure.”

Awona added the initiative will benefit Togolese consumers with faster, more accessible services tailored to the needs of a growing digital economy.

The platform’s implementation received financial backing from the Bill & Melinda Gates Foundation and the African Development Bank.

This article was initially published in French by Ayi Renaud Dossavi

Adapted in English by Ange Jason Quenum

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.