The representatives from WAMA, Banque des Etats de l'Afrique de l'Ouest (BCEAO), the central banks of Cabo Verde, The Gambia, Ghana and Nigeria, GamSwitch and the Ghana Stock Exchange learned about design principles of IIPS, opportunities, challenges and risks related to deploying these systems.  

AfricaNenda also gave an overview of the payment systems mapping stakeholder framework and initial findings based on the data received so far from WAMA members. Comments were received from participants and it is expected that this mapping will provide meaningful insights in the design and implementation of the harmonized payments framework.

The training session also offered a window of opportunity to share updates on the implementation of the planned ECOWAS Payment and Settlement System (EPSS). WAMA presented the journey from the 2013 feasibility study to the field visits conducted in the first half of 2022, validation exercises and the committees created accelerate the implementation. This regional payment system aims at enhancing intra-community trade in goods and services and constitutes an important step of the ECOWAS Roadmap toward launching ECOWAS single currency (ECO) (2022-2027).

Participants highlighted the need for the region to develop a harmonized and inclusive regulatory framework that ensures all players in the ecosystem can act equitably. They also reaffirmed the pivotal role to be played by member central banks in this process. They stressed the need for collaboration with other actors/stakeholders in order to benefit from their expertise, including the private sector and fintechs.

However, the successful deployment of the EPSS requires active participation of all stakeholders, in addition to a shared vision of the EPSS. Towards this end, continued capacity-building for key stakeholders cannot be over-emphasized in order to ensure better understanding and ownership of the process.

On the inclusiveness of the regional payment systems, participants also agreed on the need to provide low-cost and inclusive technologies such as the cloud and to adopt offline solutions that consider populations living in remote areas. Solutions should also offer incentives that will speed up the inclusion of women.

"To deploy a robust instant and inclusive payments system in ECOWAS, there is a need to raise awareness and build the capacities of regional and national institutions. This will ensure a common understanding of IIPS and pave the way for its smooth implementation," said Akuwa Azoma, Director of Payment Systems and Instruments and Advisor to the Director General of Operations and Financial Inclusion of the Central Bank of West African States.

"Our world is changing, and there is urgent need to design systems that consider emerging technologies and actors, data sovereignty, and cloud infrastructure. The pro-poor solutions proposed should also consider stakeholders' and beneficiaries' views at the design stage to ensure ownership and success of the processes/projects," stated Akinwale Goodluck, Deputy CEO, Projects at AfricaNenda.

AfricaNenda expressed its gratitude to all participants and reaffirmed its total commitment and availability to support the ECOWAS region in the process of planning, designing, and launching the regional payments system.

"This event marks the beginning of a long-standing collaboration between AfricaNenda, regional institutions, member central banks and other actors in the region. We will work together to ensure that payment systems work for all in the region," concluded Sabine Mensah, Deputy CEO in charge of Partnerships and Capacity-Building at AfricaNenda.