BCEAO WANTS TO REFORM ELECTRONIC PAYMENT SYSTEMS

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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.

http://www.bceao.int/