BCEAO REGIONAL PAYMENT SYSTEMS PROJECT

closed

Closed

The BCEAO (Central Bank of West African States) Regional Payment Systems Project aims to establish and install a set of regional payment mechanisms to satisfy the evolving needs of all market sectors in the West African Economic and Monetary Union (WAEMU) for making payments in a safe, sound, secure, and timely manner with certainty and at an acceptable cost. A secondary objective is that the new payments systems satisfy internationally accepted standards and core principles and thus ensure a high level of user confidence in the WAEMU financial systems. The project has five components: The project support component includes project management and monitoring, training, and procurement. The RTGS component establishes a real time gross settlement system at the regional level, which includes transaction monitoring, management of settlement accounts, management of transactions queues, exchange of information with participants, and intra-day liquidity management. The low value clearing component upgrades existing systems at the national and regional levels. The inter-bank card system develops a common bank card product, enabling use in any ATM or participating merchant's facility in the sub-region. The project includes a feasibility study on the use of e-money systems for small payments. For all three payments systems in this project, the BCEAO's telecommunications satellite network would be used to effect transactions with a degree of security and at low cost.

FY17 - Financial Sector,FY17 - Industry, Trade and Services,FY17 - Information and Communications Technologies

World Bank Group

Project

Manufacturing (Industrial), Telecommunications, Commercial, Government, Automotive