BCEAO to Make Small Digital Money Transfers Free Across WAEMU
The BCEAO will introduce free small person-to-person electronic-money transfers across the WAEMU from 2 November 2026, while fees on larger transactions will be capped at 0.8%.
The Banque Centrale des États de l’Afrique de l’Ouest (BCEAO) is changing the pricing framework for interoperable electronic-money transfers across the West African Economic and Monetary Union (WAEMU), with the new rules taking effect on 2 November 2026.
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Under the revised system, small person-to-person transfers made through the BCEAO’s Interoperable Instant Payment System, known as PI-SPI, will be free to send. Receiving transfers will also be free, while charges on transfers above the applicable threshold may be imposed but cannot exceed 0.8%.
The BCEAO announced the changes in a one-page communiqué published on 2 October, according to TechCabal’s Francophone Weekly newsletter. The measures apply across the eight-country union and cover transfers between bank or microfinance accounts and electronic-money or payment-service-provider accounts in either direction.
Amount replaces transaction count
The new model replaces the previous limit on the number of free monthly person-to-person transfers with a value-based approach. During PI-SPI’s first year, person-to-person transfers were free but limited to 30 operations per month, while merchant payments and cross-border transactions remained chargeable, TechCabal reported, citing Jeune Afrique for the monthly limit.
The BCEAO’s revised approach focuses on how much a customer sends rather than how many times the customer transfers money. The exact monetary threshold for free transfers has not been specified in the available information.
TechCabal gave an example of 8,000 FCFA per day, which would amount to 240,000 FCFA per month if sent from one institution, but the newsletter did not state that these figures represent the official threshold.
The newsletter also said that three quarters of transfers would become free, although it did not provide the calculation or define the full transfer population behind that estimate.
PI-SPI becomes mandatory route
From 2 November, interoperable electronic-money transactions in the union must pass through PI-SPI. The platform was launched on 30 September 2025 and, one year after its launch, had connected 175 participants and provided access to instant payments for more than 38 million people, according to figures attributed to the BCEAO by TechCabal.
The platform’s mandatory role could expand access to retail payment flows for banks and improve interoperability for microfinance institutions. However, TechCabal’s analysis also identified a heavier integration burden for microfinance providers. They have until 30 June 2027 to connect, according to the report.
Regional transfers under the same pricing conditions are expected from June 2027. The development could support cross-border traders, although the available information does not provide further details on how the regional service will operate.
Potential impact on operators and users
The policy comes as electronic money remains a major part of the union’s payment system. The BCEAO’s 2024 report recorded 248.7 million electronic-money accounts, including 76.8 million active accounts. Electronic-money transactions were valued at 160,415 billion FCFA, equivalent to about 119% of regional GDP. Transfers accounted for 31.8% of transaction value, while cash deposits and withdrawals represented 56.8%.
TechCabal said the new rules could benefit people who send or receive small amounts, particularly through free sending and receiving. It also warned that poorer, rural and cash-dependent users could be affected if operators respond by increasing withdrawal charges.
The newsletter described higher or newly introduced withdrawal fees, stronger promotion of digital merchant payments and firmer pricing for corporate services as possible operator responses. Withdrawals through agents, merchant payments, company disbursements such as payroll, bill payments and credit were not addressed in the communiqué as described by the newsletter, leaving operators with pricing freedom over those services.
The centralised routing requirement also creates operational concentration risk. TechCabal reported that PI-SPI experienced interruptions during its first months, although no details were provided on their frequency, duration or technical causes.
The BCEAO’s reform follows its assessment of PI-SPI’s first year and is expected to reshape competition among banks, mobile-money operators, fintechs, microfinance institutions and other payment-service providers across the WAEMU.
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