By joining nexo, GIM-UEMOA can now implement ISO 20022 specifications that will help reduce time to market West African payment solutions, meet the specific needs of the WAEMU zone, and improve customer experience.

GIM-UEMOA brings together 145 members, including banks, financial and postal institutions, microfinance structures and electronic money institutions. The company promotes electronic payment systems and other means of payment to the banking and financial sectors, administrations and the population of the West African Economic and Monetary Union (WAEMU).

Its CEO Minayegnan Coulibaly commented: “This is a significant partnership for the future of payments across West Africa as we continue to provide a connected, modernized, interoperable and secure platform offering.

“Electronic payment inter-banking in the WAEMU area is no longer an option but a necessity”, Coulibaly said. “With more of the West African population using mobile money over cards, we want to collaborate closely with nexo to contribute to the specifications and enable mobile money to be recognized as a standardized use case both in the region and globally too.”

nexo standards is an association working to remove barriers in the global payment acceptance ecosystem. In March 2020, nexo added Saudi Payments as a principal member – the latter becoming the first to join the association from Saudi Arabia.

The association currently has 101 members from across Europe, America and the Middle East, and in December 2020, it reported over five billion payment transactions powered annually, or 415 million powered monthly.

“With nexo standards, it means we can further support our members in cross-border transactions – and ISO 20022 migration will be integral in achieving this”, Coulibaly added.