The Central Bank of West African States' (BCEAO) instant payment platform processed nearly 15 billion CFA francs worth of transactions in Togo by the end of October 2026, just over a year after its launch. The platform had 3.9 million users in the country, compared with 52.3 million across the West African Economic and Monetary Union (WAEMU).
The BCEAO announced the figures on Thursday, November 5, at the start of a two-day awareness campaign for students at the University of Lomé.
Despite its growing user base, the platform still faces a challenge in encouraging regular use. By the end of October, it had processed 163,000 transactions in Togo and 2.2 million across WAEMU.
The BCEAO is seeking to raise awareness of the service and encourage wider adoption, particularly among young people.
How the Platform Works and What Transfers Cost
Developed by the BCEAO, the Interoperable Instant Payment System Platform (PI-SPI) allows users to transfer money instantly between different payment service providers across WAEMU. It connects banks, electronic money institutions, microfinance institutions and payment institutions, enabling customers to send money even when the recipient uses a different provider.
In Togo, 17 payment service providers are connected to the platform, out of 175 across WAEMU.
The service operates around the clock, including weekends and public holidays. Customers can access it through their payment provider's mobile application, set up an alias and make transfers.
Since November 2, 2026, all interoperable electronic money transfers between individuals within WAEMU have been required to go through PI-SPI. The new requirement also introduces pricing rules. Domestic transfers totaling no more than 8,000 CFA francs per day are free, while recipients pay no fees regardless of the amount received.
According to the BCEAO, the fee-free threshold covers 75% of electronic money transactions across the union. The new rules could reshape competition in the mobile money market. Operators such as Mixx by Yas and Moov Money, which earn revenue from transfer fees, could face pressure on that revenue as more transactions become free.
Next Regional Milestone Set for June 2027
To encourage more people to use PI-SPI for everyday payments, the BCEAO has launched outreach initiatives, including the awareness campaign at the University of Lomé.
"We are counting on young people, especially students like you, to help us achieve that goal," said Ekoué Djro Glokpor, the BCEAO's national director for Togo. He said the central bank's priority was to raise awareness of the platform and encourage its adoption.
The next milestone is scheduled for June 1, 2027, when transfers between WAEMU countries will become subject to the same pricing rules as domestic transactions. Extending the fee-free provisions to cross-border payments could encourage more people to use PI-SPI for transfers across the union.
Gautier Agbékodovi