West African Instant Payments Will Offer Free Transfers
Starting November 2, 2026, daily electronic money transfers under CFAF 8,000 will be free across the WAEMU region.
Updated on Oct. 5, 2026 in Financial Services
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The Central Bank of West African States will implement a new pricing framework for the PI-SPI platform on November 2, 2026. This policy establishes a daily free threshold of CFAF 8,000 for electronic money transfers, aiming to expand financial accessibility.
Why it matters
The central bank revised these fees following a review of its first year of interoperability to encourage broader usage of instant-payment services. Officials estimate that roughly 75% of all regional electronic-money transactions will remain free under the new rules.
PI-SPI serves more than 38 million people across 175 connected participants, processing a 2025 total mobile-phone transaction volume of CFAF 164.169 trillion. Institutions may charge a maximum fee of 0.8% for transfers that exceed the daily threshold.
The players
Central Bank of West African States
The common central bank for the eight member states of the West African Economic and Monetary Union.
Wave Digital Finance
A major financial technology company providing mobile money services to millions of users in the region.
Wave Côte d'Ivoire
A subsidiary of the financial services firm that operates as an authorized participant in the PI-SPI platform.
The details
The free threshold is cumulative for all transfers sent by an individual user through the same participant, while receiving money remains free of charge regardless of frequency. Authorized participants, including Wave Digital Finance and Wave Côte d'Ivoire, must integrate these changes alongside the standardized Business APIs approved in September 2026.
Timeline
September 30, 2025: The PI-SPI instant-payment platform was launched.
2024: Electronic-money service points within the WAEMU region declined by 5.2%.
September 16, 2026: The BCEAO approved standardized Business APIs for PI-SPI.
November 2, 2026: The new free transfer threshold rules take effect.
June 1, 2027: Pricing conditions for cross-border transfers within the WAEMU will apply.
Market Landscape
This pricing policy marks a strategic evolution of the PI-SPI interoperable electronic-money infrastructure. It shifts the market competitive landscape by standardizing fees across 175 institutions to favor consumer adoption over historical transaction-based revenue models.
Users will benefit from zero-cost transfers up to the cumulative daily limit of CFAF 8,000, significantly reducing small-value transaction costs. However, users frequently sending amounts exceeding this threshold will encounter a new 0.8% service fee.
The takeaway
The central bank's mandate underscores a shift toward prioritizing high-volume, low-cost digital participation to bridge regional financial inclusion gaps. Users should monitor their daily cumulative totals to optimize their transfer strategy under the new pricing cap.
What happens next
Pricing rules for cross-border electronic-money transfers between WAEMU countries are scheduled to take effect on June 1, 2027.
Further reading
Learn more about the latest regulatory developments in the Financial Services sector.
Source note: This article includes information reported by Ecofin Agency.
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