BCEAO WANTS TO REFORM ELECTRONIC PAYMENT SYSTEMS
The National Agency for the Central Banks in the States of West Africa (BCEAO) organised a meeting to look at reforming the systems and means of electronic payments in the region. The initiative has two main areas of focus:
- The modernisation of the exchange system and the regulations governing large transactions, particularly important payments (for example, transfers of funds, money market and stock exchange trades).
- The development of an inter-banking card system at a sub-regional level, in particular developing an "electronic purse" system.
Of the 70 million inhabitants in the CFA Franc zone, only 2 million are currently transferring money using electronic means.