Sénégal Prestataires Transfert Argent: BCEAO PI-SPI Concertation Essentielle Face aux Dysfonctionnements

• The Cadre permanent de concertation des prestataires de transfert d'argent du Sénégal (CPCP) has raised concerns about the implementation of the BCEAO's PI-SPI platform.
• Money transfer providers report operational difficulties, dysfunctions, and insufficient communication regarding the new instant payment system.
• Providers feel they were not adequately involved in the preparation and deployment of the Plateforme interopérable du système de paiement instantané.
• The CPCP has formally requested that the BCEAO organize a consultation meeting with all digital payment ecosystem stakeholders.
• The goal of the proposed meeting is to evaluate PI-SPI implementation, identify issues, clarify responsibilities, and define collaborative solutions for the UEMOA region.

The primary aim of such a meeting would be to conduct an objective evaluation of the PI-SPI's implementation conditions, pinpoint specific difficulties encountered in the field, clarify the responsibilities of each participant, and collaboratively define appropriate operational mechanisms and support strategies.

The Cadre permanent de concertation des prestataires de transfert d'argent du Sénégal (CPCP), representing money transfer providers in Senegal, has voiced significant concerns regarding the implementation of the Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)'s Plateforme interopérable du système de paiement instantané (PI-SPI). While acknowledging the BCEAO's broader efforts to modernize payment systems across the UEMOA region, the CPCP highlights numerous operational difficulties and observed dysfunctions associated with the new platform. These issues, coupled with a perceived lack of adequate communication and support for affected stakeholders, are creating an environment of uncertainty for providers.

Providers within the Senegalese money transfer sector feel they were not sufficiently engaged during the preparation and deployment phases of this key innovation. This sentiment is particularly troubling given the substantial efforts made in recent years to develop and structure the money transfer ecosystem in Senegal. The current situation, according to the CPCP, risks undermining the progress achieved, suggesting a step backward despite the laudable objectives of the reform. The group emphasizes that the success of such a large-scale initiative depends not solely on technological infrastructure but also on a collaborative deployment strategy and continuous stakeholder involvement.

The BCEAO has embarked on significant reforms aimed at modernizing payment systems throughout the UEMOA economic zone, with the PI-SPI platform standing as a central component of this initiative. This interoperable instant payment system, officially launched on September 30, 2025, is designed to foster greater financial inclusion, advance the digitalization of financial services, and streamline transactions for individuals, service providers, and various economic participants across the community. The PI-SPI became mandatory for interoperable electronic money transactions from November 2, 2026. The CPCP itself has praised the BCEAO's ambition to cultivate a more modern, accessible, inclusive, and interconnected financial landscape.

Despite these overarching positive goals, the practical rollout of the PI-SPI has encountered resistance from key players. The stated objectives, while commendable, are being overshadowed by the real-world challenges faced by money transfer providers. The CPCP points to misunderstandings and insufficient support as critical factors contributing to the current difficulties, suggesting a disconnect between the strategic vision for modernization and its on-the-ground execution. This highlights the complexity of introducing new financial technologies within a diverse regional economy.

In response to these pressing concerns, the CPCP has issued a formal appeal to the BCEAO, urging the central bank to convene a comprehensive consultation meeting. This proposed gathering would bring together all essential actors within the digital payments ecosystem, including monetary authorities, financial institutions, payment operators, money transfer providers, and other relevant parties. The primary aim of such a meeting would be to conduct an objective evaluation of the PI-SPI's implementation conditions, pinpoint specific difficulties encountered in the field, clarify the responsibilities of each participant, and collaboratively define appropriate operational mechanisms and support strategies.

The CPCP explicitly states that its objective is not to challenge the fundamental relevance of the reform or the BCEAO's broader ambitions. Instead, the organization seeks to contribute constructively to the reform's ultimate improvement and success, fostering a spirit of responsibility, partnership, and open dialogue. By participating fully in this essential conversation, the CPCP aims to safeguard existing achievements, ensure the stability of the financial ecosystem, and ultimately enable the PI-SPI to fulfill its potential as a genuine catalyst for transformation and financial inclusion across the UEMOA region. This proactive stance underscores the importance of stakeholder engagement for successful regulatory initiatives.

Lawyers and compliance officers advising money transfer providers or financial institutions in the UEMOA region should note the operational concerns raised by providers regarding the BCEAO's PI-SPI platform. This indicates potential compliance risks and the need for clients to actively engage in or monitor ongoing consultations to ensure smooth implementation and mitigate operational disruptions under the new payment system.

Source: Original reporting via local Senegalese reports.