WAEMU: The BCEAO to charge for large PI-SPI transfers starting November 2, 2026, as Wave joins the network

The Central Bank of West African States (BCEAO) has revised the fee structure for PI-SPI, its instant payment system common to the eight WAEMU countries: the new schedule comes into effect on November 2, 2026, and a uniform pricing structure across the union will apply from June 1, 2027, reported Agence Ecofin on October 5, 2026. At the same time, Wave, the leading mobile money player in the region, is officially joining the network.

What changes for the user

Until now, transfers between individuals were free on PI-SPI, and receiving money was free for the first thirty monthly transactions, with a 1% fee thereafter. The new framework reverses this logic: sending money remains free up to a cumulative 8,000 FCFA per day, or approximately 13.70 dollars; beyond this threshold, the transaction incurs fees of up to 0.8% excluding taxes. Conversely, receiving money becomes free, regardless of the amount. A cumulative daily ceiling has been established to prevent users from splitting a large transfer into several smaller free transactions. According to the BCEAO, as cited by Agence Ecofin, the system preserves free service for approximately 75% of electronic money transactions in the union.

The arrival of Wave reshuffles the deck

Launched on September 30, 2025, PI-SPI connects banks, fintechs, microfinance institutions, and mobile money operators in Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The absence of Wave, whose model is based on an aggressive 1% fee per transfer, had previously limited the network's reach. Its entry, particularly in Côte d'Ivoire and Senegal, now places almost the entire market on the same public infrastructure.

A market that is already very significant

The figures highlight the scale of the stakes: electronic money institutions supervised by the BCEAO had 172.9 million accounts in 2025, with transaction values increasing by 31.4% to 164.169 trillion FCFA. Their net profits nearly tripled over the fiscal year, rising from 6.1 to 16.9 billion FCFA.

Focus on merchant payments

The central bank no longer wants to limit PI-SPI to transfers between individuals. With the approval of new "API Business" tools, it intends to capture payments at merchants and business flows, so that digital currency can circulate without reverting to costly cash withdrawals. This is the condition for regional monetary sovereignty to translate into lower fees and faster payments for households and small businesses.