Network International, a leading payment solutions provider in the Middle East and Africa, has signed a memorandum of understanding (MOU) with GIM-UEMOA, the regional payment scheme promoting electronic payments across West Africa. This strategic partnership aims to drive innovation and enhance financial inclusion across the eight member countries of the West African Economic and Monetary Union (WAEMU).
On average, 41% of adults in the WAEMU region have an account with a bank, a financial institution, or a mobile money service. Senegal leads with an account ownership rate of 56%, yet it remains 15 percentage points below the average for developing economies.
The collaboration focuses on delivering innovative digital payment solutions under the GIM-Pay framework, leveraging the combined strengths of both organizations. This initiative seeks to provide secure, seamless, and accessible payment systems that cater to the evolving needs of businesses and consumers in the UEMOA region.
Dr. Reda Helal, Managing Director & Co-Head of Processing, Africa at Network International, stated, “Partnering with GIM-UEMOA represents a significant milestone for Network International. Together, we aim to harness our combined expertise to empower the UEMOA region with state-of-the-art payment solutions that drive economic inclusion and prosperity.”
Beyond addressing the financial needs of users within UEMOA, the partnership aims to enhance the value proposition of GIM-UEMOA’s affiliated member banks. By equipping these institutions with cutting-edge digital payment solutions, they will be better positioned to serve their end customers, aligning with the region’s commitment to fostering economic growth and financial inclusion.
Minayegnan Coulibaly, Managing Director of GIM-UEMOA, commented, “This collaboration with Network International allows for the pooling of infrastructure and solutions to bring cutting-edge digital payment solutions to the West African banking sector. We look forward to the benefits that will be realized for financial services entities throughout the region.”
This partnership underscores the shared commitment of Network International and GIM-UEMOA to innovation and collaboration in West Africa’s financial technology space. By combining their resources and expertise, both organizations aim to address the diverse financial and economic needs of the region, promoting greater financial inclusion and supporting sustainable economic development.
Countries within the West African Economic and Monetary Union (WAEMU) fall behind benchmark nations in key aspects of financial inclusion. Access to finance remains limited, particularly for the most vulnerable populations, and the financial sector plays only a modest role in helping individuals manage economic shocks or supporting firms’ investment initiatives.
According to World Bank, account usage has increased due to the widespread adoption of digital payments across the WAEMU. More than half of the adults who receive government payments in the region (except Niger) do so into an account. In addition, over 30% of private sector wage earners receive their wages directly into an account in Benin, Burkina Faso, and Côte d’Ivoire, and over 45% in Mali and Senegal.
This has resulted in over 20% of account owners in Burkina Faso and Mali opening their first financial institution account. However, 1.5 million adults continue to receive government wages, transfers, and pensions in cash.
Network International is a prominent enabler of digital commerce across the Middle East and Africa, providing a comprehensive suite of payment solutions to merchants and financial institutions. The company is dedicated to driving the adoption of digital payments and fostering financial inclusion in emerging markets.
GIM-UEMOA is the regional payment scheme of the West African Economic and Monetary Union, promoting electronic payments across the banking, financial, and public administration sectors. Established to implement a regional interbank electronic payment system, GIM-UEMOA plays a pivotal role in advancing financial inclusion and economic integration within the UEMOA region.
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