Seven Togolese Banks Join BCEAO’s Instant Payment Network

Finance

Tuesday, 05 August 2025 05:07

Seven Togolese Banks Join BCEAO’s Instant Payment Network

(Togo First) - Seven Togolese financial institutions have officially joined the West African Economic and Monetary Union’s (WAEMU) Interoperable Platform for Instant Payment Systems (PI-SPI), the regional central bank BCEAO announced in a recent press release. The pilot project aims to modernize and unify payment systems across member countries.

The newly integrated banks include Banque Atlantique, BOA, COFINA, BIAT, CORIS Bank, Ecobank, and Orabank. Set for a formal launch on September 30, the platform promises 24/7 real-time transaction capabilities across various account types — from traditional bank accounts to mobile money.

This initiative is expected to cut transaction times and costs, while bolstering interoperability among diverse financial players. Notably, Ecobank and Orabank participated in earlier testing phases within Togo, supporting efforts to accelerate regional commerce through digital finance.

Since early June, live user trials have been underway, evaluating the platform’s security and usability. Positive results from these tests pave the way for a full-scale rollout across the WAEMU region.

This technological breakthrough promises to revolutionize payments across the WAEMU zone, enhancing the speed and reliability of financial flows while driving broader access to banking services in countries where such access is still limited.

This article was initially published in French by Ayi Renaud Dossavi

Edited in English by Ange Jason Quenum

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