Six financial institutions in Togo join BCEAO instant payment platform

Finance
Friday, 06 March 2026 11:54
Six financial institutions in Togo join BCEAO instant payment platform

(Togo First) - Six institutions in Togo are now authorized to offer services to the public through the Interoperable Instant Payment System Platform (PI-SPI), double the three institutions approved when the system was launched in September 2025.

The authorized institutions are BIA, Bank of Africa (BOA), Coris Bank, Ecobank, Orabank and Cofina.

These institutions can now offer instant payment services introduced by the regional monetary authority, according to a list published by the Central Bank of West African States (BCEAO) on February 24, 2026.

The PI-SPI platform enables instant transfers between banks, microfinance institutions, electronic money issuers and payment institutions. Transactions are available 24 hours a day, seven days a week, with funds settled instantly between accounts.

Launched last year, the system aims to modernize payment infrastructure across the West African Economic and Monetary Union (UEMOA) by facilitating transfers between financial institutions and improving interoperability between banking services and electronic money wallets.

The main challenge will be public adoption and whether financial institutions actively promote the platform in their services.

Several factors may explain the cautious approach of some institutions. Beyond the technical integration required to adapt IT systems for real-time transactions and connect to the regional infrastructure, institutions must also meet stricter requirements in risk management and cybersecurity. They must also adjust their operations to continuous real-time transfers.

Some institutions may also be assessing the economic impact of the system, as faster and cheaper transfers could reduce certain traditional fees.

Ayi Renaud Dossavi

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