BCEAO to require PI-SPI for interoperable electronic money transfers from November

The Central Bank of West African States (BCEAO) will require interoperable electronic money transfers between individuals in the West African Economic and Monetary Union (WAEMU) to go through its PI-SPI instant payment platform from Nov. 2, 2026.

The measure is part of the central bank’s efforts to expand access to instant payments, strengthen financial inclusion and establish PI-SPI as a central infrastructure for instant payments across the eight-member monetary union.

Under the new rules, national transfers sent by individuals will be free when their cumulative daily amount does not exceed 8,000 CFA francs per user and per participating institution. The BCEAO said the threshold is expected to cover about 75% of electronic money transactions in WAEMU.

Transfers above the 8,000 CFA franc daily threshold may be subject to fees ranging from 0% to 0.8% of the transfer amount, excluding taxes. The applicable fee will therefore depend on the service provider.

Receiving transfers will remain free, with no limit on the amount received or the number of transactions.

Cross-border transfers to follow in 2027

The same conditions will apply to electronic money transfers between WAEMU member countries, but the regional cross-border provision will take effect from June 1, 2027, rather than November 2026.

The rules cover transfers between bank or microfinance accounts and accounts held with electronic money institutions or payment institutions. They also cover transfers between electronic money institutions and payment institutions.

PI-SPI was launched on Sept. 30, 2025, as a regional instant payment infrastructure. The BCEAO said the platform now has 175 connected participants and provides more than 38 million people with access to instant payment services.

The platform is designed to allow users to send and receive funds instantly across different financial institutions, regardless of the provider, helping reduce barriers between banks, electronic money services and other payment institutions.

The BCEAO said the revised rules are intended to widen the benefits of free transfers, improve the quality and availability of payment services and encourage new digital payment uses across WAEMU.