Financial interoperability (PI-SPI): Service providers request urgent consultation with the BCEAO

While welcoming the ambition for financial modernization carried out by the Central Bank of West African States (BCEAO), which has put in place the Interoperable Platform of the Instant Payment System (PI-SPI) for the security and quality of services offered to users, the Permanent Consultation Framework of Money Transfer Providers of Senegal (CPCP) is raising the alarm.

In a statement released on Sunday, this professional organization, which brings together players in the Mobile Money money transfer sector, points to numerous malfunctions related to the deployment of the said platform and calls for urgent consultation.

A reform welcomed but a rollout criticized

For the CPCP, coordinated by Malick Dione, "the launch of the PI-SPI in the West African Economic and Monetary Union (UEMOA) area undeniably represents a major step forward for financial inclusion and the digitalization of services."

The members of the organization acknowledge the Central Bank of West African States' commitment to "building a more modern and interconnected financial ecosystem." However, the practical implementation of this reform is causing serious concern among stakeholders on the ground.

The press release received by Seneweb mentions "operational difficulties", "dysfunctions observed" and "insufficient communication and support".

These shortcomings are currently fueling a climate of uncertainty that is weakening the activity of service providers, according to the signatories of the document.

The feeling of being left out

Essential links in the distribution of digital financial services to populations, money transfer providers feel they were not sufficiently involved in the preparation and launch of this technological innovation.

“This situation gives industry players the impression of returning to square one,” thus threatening the efforts made in recent years to “structure and gradually develop” the money transfer market in Senegal.

The CPCP points out that a reform of this magnitude cannot rely solely on technological infrastructure, but requires a concerted deployment strategy.

A solemn call for dialogue

Keen not to question the relevance of the project, but rather to contribute to its success, the CPCP is making a solemn appeal to the BCEAO, asking it to convene a meeting bringing together all stakeholders: monetary authorities, financial institutions, payment operators and money transfer providers.

The objective of this round table is to carry out an "objective assessment" of the conditions for implementing the PI-SPI, to identify the obstacles encountered on the ground, to clarify the responsibilities of each stakeholder and to define appropriate support mechanisms.

The CPCP, which reaffirms its full availability for constructive dialogue, hopes to preserve the sector's achievements and make this platform a "real lever for economic transformation for the benefit of all".