BEAC: GIMACPAY Launches Interbanking Payments Across CEMAC Region

• The Banque des Etats de l'Afrique Centrale (BEAC) has launched GIMACPAY, a convergent card, mobile, and money transfer ecosystem.
• GIMACPAY aims to promote interbanking payments, regulate, supervise, and provide payment services in the CEMAC region.
• The GIMACPAY network comprises 96 participants, 2.7 million payment cards in circulation in the CEMAC zone, and 40 million mobile accounts.

Le GIMAC a pour objet principal la promotion de la monétique interbancaire, la régulation, la supervision et la fourniture des services de paiement.

The Banque des Etats de l'Afrique Centrale (BEAC) has driven the development of GIMACPAY, a convergent card, mobile, and money transfer ecosystem. This ambitious project aims to promote interbanking payments, regulate, supervise, and provide payment services in the CEMAC region. As part of its mandate, the GIMAC has been responsible for implementing full interoperability since 2018, as per Instruction 001/GR/2018 issued by the BEAC Governor. The GIMAC's primary objectives include popularizing interbanking payments, improving banking rates, and increasing financial inclusion through prepaid and mobile products, all while reducing transaction costs to make this payment method accessible to low-income individuals.

The GIMACPAY ecosystem comprises not only GIMAC members but also mobile operators, aggregators (value-added service providers), and other participants. As of now, the network boasts 96 participants, 2.7 million payment cards in circulation in the CEMAC zone (with GIMAC cards representing 964,150 of these), 40 million mobile accounts, over 1,500 GABs, and 1,354 TPEs. This extensive network is a testament to the project's success in expanding financial services across the CEMAC region.

After years of development, GIMAC launched its commercial services on July 10, 2020. This milestone marks a significant step towards making interbanking payments accessible to all citizens in the CEMAC region. With GIMACPAY, populations can now enjoy seamless transactions between banks, mobile operators, and other financial institutions, promoting economic growth and development.

Lawyers and compliance officers in the CEMAC region should monitor the rollout of GIMACPAY, as it may impact their clients' payment processing and banking services.

Source: Original reporting via Système de Monétique Interbancaire