The Central Bank of West African States (BCEAO) will require interoperable e-money transactions within the West African Economic and Monetary Union (WAEMU, or UEMOA in French) to go through its instant payment platform, PI-SPI, starting November 2, 2026. The release, dated Friday, October 2, and posted on the central bank’s website late that evening, also resets the pricing of these transfers between individuals. Domestic sends will be free as long as a user’s cumulative daily total stays at or below 8,000 CFA francs per participating institution, and receiving money will be free whatever the amount.
PI-SPI went live on September 30, 2025. After a year of operation, the BCEAO says, it has 175 connected participants and gives more than 38 million people access to instant payment services. The central bank said it reviewed how interoperability was working before revising prices, to widen access to instant payments.
Free up to 8,000 CFA francs a day, with fees capped at 0.8% above
The free tier for sending carries no limit on the number of operations. Domestic transfers above 8,000 CFA francs may carry a fee at a rate between 0% and 0.8%, applied to the pre-tax amount of the transfer. At the 0.8% ceiling, the fee on a 50,000 CFA franc transfer would come to at most 400 CFA francs. Receiving stays free, with no cap on the amount or the number of operations.
| Operation | Rule | From |
|---|---|---|
| Interoperable e-money transactions within WAEMU | Must go through PI-SPI | Nov. 2, 2026 |
| Domestic sends, cumulative daily total up to 8,000 CFA francs per user and per participant | Free, with no limit on the number of operations | Nov. 2, 2026 |
| Domestic sends above 8,000 CFA francs | A fee of 0% to 0.8% of the pre-tax amount may apply | Nov. 2, 2026 |
| Receiving | Free, with no limit on amount or number | Nov. 2, 2026 |
| E-money transfers between WAEMU countries | Same conditions as domestic transfers | June 1, 2027 |
The rules cover transfers between a bank or microfinance account and an account at an e-money or payment institution, as well as transfers between e-money and payment institutions.
Transfers between member countries follow on June 1, 2027
The same conditions will apply to e-money transactions between WAEMU countries from June 1, 2027. The release lists four aims for the new rules:
- Strengthen financial inclusion by better targeting the people who can benefit from free transfers
- Extend free transfers to the regional level
- Improve the quality and availability of services and encourage new uses
- Establish PI-SPI as the central infrastructure for instant payments in WAEMU
Wave joins as the participant list reaches 175
The BCEAO’s list of participants authorized to offer PI-SPI services to the public grew from 104 on July 31, 2026, to 175 on September 30. Senegal went from 24 to 43, and Côte d’Ivoire from 23 to 38. The September list includes Wave Côte d’Ivoire and, in Senegal, Wave Digital Finance; Wave did not appear in July. September 30 was also the extended deadline the BCEAO set on June 25, 2026, for banks, e-money institutions, and payment institutions to open PI-SPI services. Microfinance institutions supervised by the WAMU Banking Commission have until June 30, 2027.
| Country | July 31, 2026 | Sept. 30, 2026 |
|---|---|---|
| Benin | 11 | 18 |
| Burkina Faso | 13 | 20 |
| Côte d’Ivoire | 23 | 38 |
| Guinea-Bissau | 5 | 7 |
| Mali | 14 | 19 |
| Niger | 5 | 13 |
| Senegal | 24 | 43 |
| Togo | 9 | 17 |
| Total | 104 | 175 |
Operators’ transfer revenue could come under pressure
Togo First wrote on October 5 that free transfers on a large share of operations could reduce commission revenue for Mixx by Yas and Moov Money, Togo’s main mobile money operators. In an October 4 contribution to Financial Afrik, economist Youssaou Koanda argued that with domestic transfers free, connecting to PI-SPI has become a compliance cost for mobile money operators and banks rather than an investment that pays for itself.