Multinational - Project to Support the Promotion of Access by MFIs (or DFSs) to the WAEMU Regional Payment System (PASFDSPR)


Project Summary

Approval Date 21 Sep 2016
Signature Date 20 Dec 2016
Planned Completion Date 31 Oct 2022
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Environmental Category 3
Commitment U.A 4,600,000
Status Implementation

Project General Description

The project will support payment system integration, financial inclusion, trade integration and inclusive growth processes in the West African Economic and Monetary Union (WAEMU). This is a project to invest in the infrastructure needed to extend regional payment systems (including a capacity building component). It comprises two main components which do not require the revision of the MFI regulations in force, namely: (i) Upgrading Information and Management Systems and Building MFI Capacity; and (ii) Improving Indirect Access by MFIs to WAEMU Payment Systems and the Provision and Popularization of MFI Services and Products.

Project Objectives

The project seeks to contribute to increasing access to financial services by the underprivileged segments of the population in WAEMU (women, youths, rural dwellers, MSMEs, etc.) by establishing mechanisms to facilitate access by MFIs or DFS’ to WAEMU payment systems.

Beneficiaries

The main project beneficiaries are: (i) the most disadvantaged segments of the population (rural dwellers, women, youths and micro-, small- and medium-sized enterprises) who will benefit from a wide and diversified range of regional financial products and services at low cost, and improved living conditions; (ii) MFIs which will benefit from access to payment and clearing systems; and (iii) WAEMU economies which will be more integrated (through improved migrant remittances, regional financial flows and formal intra-regional trade).

Participating Organization

Funding
African Development Fund
Implementing
Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)

Information

IATI identifier 46002-P-Z1-HA0-008
Last Update 22 Nov 2020

Export

Contact Details

Name AKA Kouassi Bruno
Email b.aka@afdb.org

Geographic Location

Country Multinational