Multinational - Project to reform system and means of payment in UEMOA countries

The Project to Reform Systems and Means of Payment in UEMOA countries fits into the integration strategy of Union member States. It's to supplement the financial sector reforms undertaken in member countries in the wake of the economic crisis of the early 80s as well as inappropriate macro-economic policies and poor management of banks. Indeed, the implementation of a modern system of payment using cutting-edge technology should contribute to promoting scriptural currency transactions, strengthening banks, extending the regional financial sector and generally, further promoting regional integration, and development of trade and investment within and between member countries in a safe environment that meets basic Bank for International Settlements (BIS) principles. It should contribute to improving the zone’s capital flow, bankarization of the respective economies and trade fluidity. Furthermore, through its objectives of improving financial and monetary management in UEMOA countries, and the scope of its infrastructure component, it synchronizes with the New Partnership for African Development (NEPAD). The project comprises the following components: A) Real-time gross settlement system (RTGS); B) High volume compensation system (Compensation); C) Establishment of an interbank card system (Electronic Money); D) Upgrading of telecommunications infrastructure; and E) Project Management.