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In a move to improve financial services and promote seamless digital payments, seven commercial banks in Togo have now joined the Interoperable Platform for Instant Payment Systems (PI-SPI), which was created by the Central Bank of West African States (BCEAO). This announcement was made in a recent official statement from the central bank, as preparations for a wider launch of the platform continue across the West African Economic and Monetary Union (WAEMU).
The Togolese banks that are now fully integrated into this digital payment system include Banque Atlantique, Bank of Africa (BOA), COFINA, Banque Internationale pour l’Afrique au Togo (BIAT), CORIS Bank, Ecobank, and Orabank. These seven institutions are part of a pilot phase that is expected to end with the official launch of the platform on September 30, 2025.
The PI-SPI platform is designed to allow real-time transactions 24 hours a day, 7 days a week. It works across different types of financial accounts – including traditional bank accounts, mobile money wallets, and other electronic channels. This means that users in WAEMU member countries can transfer funds instantly, no matter what financial service provider they use.
According to the BCEAO, the goal of this project is to reduce the cost and time of sending and receiving money, while also making financial services more inclusive. The platform allows direct interaction between banks, microfinance institutions, mobile money operators, and other fintech players – a move that boosts interoperability and removes long-standing barriers in the financial sector.
Two major Togolese banks, Ecobank and Orabank, were part of the earlier technical testing phase of the system. Their involvement helped in identifying and fixing challenges before the platform could be introduced to other banks in the country. They also supported the live user trials that began in early June 2025. These trials involved real users making real transactions to test the speed, security, and usability of the payment system.
The feedback from the pilot users has been positive so far. Many users reported that the platform made it easier and faster to make payments without the usual delays caused by system incompatibility between banks or mobile money providers. This success has given the green light for a full rollout across all eight WAEMU countries, which include Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo.
The central bank also said this development will help support economic growth in the region by boosting cross-border trade and making it easier for individuals and businesses to pay and receive money instantly, regardless of location. As of now, many people in West Africa still rely on cash or informal means of payment, which are often insecure and time-consuming.
The central bank emphasized that PI-SPI is not just about sending money fast. It is about changing the financial culture of the WAEMU region. It will improve access to financial services, especially for people in rural areas who are underserved by traditional banking systems. This aligns with the BCEAO’s long-term vision of financial inclusion for all, particularly women, small traders, farmers, and young entrepreneurs.
The digital payment platform will also enhance financial transparency, reduce fraud, and improve customer confidence in using electronic transactions. With more people joining the formal banking system through mobile money and interoperable services, it is expected that government and private sector services will also benefit from smoother revenue collection and disbursements.
The formal launch of the platform on September 30 is expected to attract more banks and financial service providers in the region. The BCEAO said the system will eventually support not just person-to-person transfers, but also merchant payments, utility bills, salaries, and even government subsidies.
Financial analysts say that if fully implemented and supported by strong policies, the PI-SPI initiative could transform how money moves across West Africa, make financial services more affordable, and support the digital economy agenda of member states.
For now, the focus remains on completing the remaining phases of implementation and educating the public on how to use the platform safely and effectively. More training programs and awareness campaigns are expected in the coming months.
