Why the payment network WAEMU built has stalled
Last week's article flagged the gap between having a mobile money account and actually being included in the financial system. This week, two threads pull on that gap: what the banks’ own answer to fintech dominance has delivered, and what a wallet buys someone once they have one.
The payment network WAEMU, known as GIMpay, has faced delays in its implementation since its launch in November 2024. GIM-UEMOA, a regional organization, unveiled GIMpay at the 8th Regional Money Tech Show in Dakar as a "super application" aimed at connecting all banks, fintechs, and mobile money wallets in the Union under a single interoperable rail. The platform was meant to allow users in Senegal to pay electricity bills in Ivory Coast from an Orange Money account, using MTN Côte d'Ivoire or InTouch as intermediaries.
However, one and a half years after its inception, only around ten partners had signed up and were in the midst of integration. Ecobank, Orange Money, and the school fee payment fintech CinetPay were cited as key anchors. The discrepancy highlights the difference between the promotional claims of over 75 financial partners and the actual situation.
As of June 2026, 19 months after the launch, GIMpay was still in the phase of technical integration of banks to reach a critical mass of actors before general deployment of the first transactions.
The delay is attributed to banks needing to rebuild their APIs entirely, and mobile money operators undergoing major technical adjustments. Unlike the Bank for West African States' Platform for Instant Payment Interoperability (PI-SPI), which has a regulatory deadline of September 30, 2026, GIMpay's adhesion is voluntary and not obligatory for banks.
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