The Central Bank of West African States BCEAO has granted an extension for financial institutions in the West African Economic and Monetary Union WAEMU to connect to the Interoperable Instant Payment System Platform PI-SPI.
This decision allows banks, electronic money institutions, payment institutions, and microfinance institutions to finalize their integration under optimal conditions and ensure a service level that meets platform requirements. Banks, electronic money institutions, and payment institutions now have until September 30, 2026, to connect, while microfinance institutions supervised by the WAEMU Banking Commission have until June 30, 2027. The PI-SPI, launched on September 30, 2025, is a key tool for modernizing payment systems in the Union.
As of June 24, 2026, 80 institutions were already connected, providing instant payment services to millions of users, with another 74 institutions currently in testing phases. The BCEAO reaffirms its commitment to deploying an accessible, secure, and interoperable instant payment system across WAEMU, with its technical services supporting integration efforts to strengthen financial inclusion and modernize payment infrastructure.
This summary was AI-generated from a story originally published by Lefaso.net.
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The Central Bank of West African States BCEAO has issued a warning to the public regarding the circulation of information on social media about alleged counterfeit banknotes and unrecognised identification methods. In a statement released on Friday, August 21, 2026, the central bank cautioned against the risks associated with using unvalidated authentication techniques. These methods, according to the BCEAO, can confuse users and lead to detrimental outcomes, such as accepting counterfeit notes or, conversely, unjustly rejecting authentic ones. The BCEAO advises citizens, merchants, and other currency users to rely exclusively on information published by the BCEAO, particularly in the "Banknotes and Coins" section, to learn about the genuine security features for verifying the authenticity of currency in circulation within the West African Monetary Union UMOA. The central bank reiterated that viral information is not necessarily reliable for banknote authentication. It stressed that in an environment where social media accelerates the spread of potentially erroneous content, prudence and recourse to official sources remain the best approaches. The BCEAO also stated its right to pursue legal action against those responsible for communications that could undermine public confidence in the banknotes and coins it issues.
During a seminar in Dakar on July 21-22, 2026, the Central Bank of West African States BCEAO informed economic journalists from the West African Monetary Union UMOA about the uniform law on counterfeiting and other offenses against monetary signs. Thierry Ahouanvoedo, head of the institution's Fiduciary Analysis and Production Department, highlighted that protecting currency extends beyond combating fake banknotes to include everyday actions. The law prohibits unauthorized reproduction, advertising use, marking, deliberate degradation, and charging commissions on certain banknote exchanges. Banknotes are not to be written on, drawn on, used as advertising, or treated as decorative items. Such actions can lead to sanctions as they affect the integrity and circulation of currency. The BCEAO emphasizes that any reproduction of a banknote requires prior authorization. Using banknotes for advertising without permission is also forbidden. Practices like writing phone numbers on banknotes, which can render them unfit for circulation, are discouraged as they increase costs for the central bank. The BCEAO urges the public to care for banknotes, as repeated folding, staining, marking, writing, and stapling accelerate wear. The bank also addressed the practice of charging commissions for exchanging new or small-denomination banknotes, stating that this is an undue gain and is sanctioned by regulations. Furthermore, the long-term removal of small coins from circulation, such as using the