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Interoperability of WAEMU digital financial services - A deployment plan with roadmaps adopted

18/10/2019
Source : AllAfrica
Categories: General Information

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The WaeMU Digital Financial Services Interoperability Project is progressing at a steady pace. Moreover, a deployment plan has been adopted by the stakeholders. The Central Bank of West African States (BCEAO) organized, from 30 September to 3 October 2019 at its Headquarters in Dakar, a regional consultation on the WaeMU Digital Financial Services Interoperability Project. According to a statement received by the Journal de l'économie sénégalaise (Lejecos), this Project, which started in April 2017, aims "to set up, in 2020, a regional platform allowing exchanges, from account to account, regardless of the type of account, in particular bank accounts and electronic money accounts, the integration of all actors, instruments and payment channels used as well as the pooling of efforts around the Gim-UEMOA electronic payment platform". The same source informs that the meeting recorded the presence of a hundred participants mainly from banks, decentralized financial systems, electronic money institutions, financial services of the Post Office, national public treasuries, Telecommunications Regulatory Authorities as well as representatives of the African Development Bank (AfDB) and the Bill & Melinda Gates Foundation. During these four days, the participants had to exchange, in plenary sessions, on the conclusions of the work of the Thematic Groups and the study of the maturity of the market, which revealed the progress and expectations of the ecosystem in terms of interoperability. Following the work in the workshops, a deployment plan, accompanied by the roadmaps of the stakeholders, was adopted. This plan provides for a gradual approach with the launch, in a first phase, of basic services consisting of account-to-account transfers and merchant payments. The consultation also made it possible to define the level of pricing of interchange between participants for transfer transactions between electronic money accounts. The new system, scheduled to be launched in June 2020, will complement and enrich the Union's financial infrastructure to provide people with affordable and faster local payment services. The adoption of instant services, available 24 hours a day, 7 days a week, based on quality and security requirements, are the essential characteristics of this infrastructure. On the sidelines of this meeting, the Central Bank held a working session with representatives of the Telecommunications Regulatory Authorities of the Member States of the Union. This session was devoted in particular to the conditions that should promote the proper functioning of interoperability, the improvement of the customer journey and the quality of digital financial services.

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