By Serge KOUAMELAN, Executive Director APBEF-CI.
Sending money from a bank to a mobile wallet, or from one telecommunication operator to another, without complications? Thanks to interoperability, the BCEAO is transforming the daily lives of millions of UEMOA citizens.
A financial world in UEMOA undergoing major changes
We pay our bills, make purchases, and send money in just a few clicks. But until now, each system functioned as an isolated “island.” For example, it was impossible to directly send money from a bank to a mobile money account, or from one operator to another as easily.
To remove these barriers, the Central Bank of West African States (BCEAO) has launched a major reform: interoperability.
Interoperability, what does it mean?
Interoperability is the ability of different financial systems to communicate with each other. In concrete terms, this allows a bank customer to send money to a mobile wallet, or for a Wave user to receive a transfer from Moov Money or Orange Money, without any hassle.
Why is this a revolution for citizens?
This system ensures:
– Simplicity: no need for multiple accounts or cards to make payments.
– Accessibility: even without a bank account, it becomes possible to carry out transactions with all actors.
– Savings: competition and automation help reduce fees.
– Security: all operations go through a platform regulated and secured by the BCEAO.
Concrete progress already made
At the Union level, the BCEAO has already laid the foundations for this transformation with:
– The SICA-UEMOA, which processes mass payments such as salaries or bills.
– The STAR-UEMOA, which secures important transactions between banks.
– And above all, a regional interoperability platform, which now connects banks, fintechs, and mobile money operators in the eight countries of the Union.
With interoperability, a simpler future for all
Tomorrow, sending money to a loved one will be as simple as making a phone call, regardless of the operator or bank. This evolution will:
– Boost local commerce,
– Facilitate the lives of small businesses,
– And strengthen the financial inclusion of millions of people in the region.
Interoperability allows the BCEAO to build a more fluid, inclusive, and modern financial space. A silent revolution is underway, and it directly concerns the daily lives of UEMOA citizens.
