BCEAO published a 30 September list of institutions authorised to open services on its interoperable instant-payment platform, PI-SPI, to the public. The notice covers participants across all eight West African Economic and Monetary Union countries. The list covers 175 participants authorised to open PI-SPI services to the public, Financial Afrik reported.
Sika Finance reported that 43 institutions were connected in Senegal by the deadline. The group includes commercial banks, microfinance networks and electronic-money providers.
BANKS AND MOBILE WALLETS JOIN THE NETWORK
Participating Senegalese banks include CBAO Attijariwafa bank, Société Générale Sénégal, Banque Islamique du Sénégal, BNDE, Ecobank Sénégal and Coris Bank. Microfinance institutions include Baobab, Cofina, UM-ACEP and UM-PAMECAS.
Wave and Orange Finances Mobile Sénégal are also among the connected providers, according to Sika Finance. Sika Finance said Wave, initially reluctant, appeared on the 30 September list alongside its main competitor, Orange Finances Mobile.
ROUND-THE-CLOCK TRANSFERS
PI-SPI is designed to support instant transfers around the clock across Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
Mika Diol, head of fintech firm Kalispot, told Sika Finance that PI-SPI would end an anomaly in which digital money in the union stayed locked in silos.