GIM-UEMOA, the regional interbank electronic money transfer system, has recently entered into a significant agreement with PaySky, a prominent facilitator of digital payment ecosystems. The collaboration aims to foster the growth and advancement of GIMpay, a cutting-edge digital payment solution.
For the West African Economic and Monetary Union (WAEMU) region, the multinational organisation GIM-UEMOA oversees the interbank electronic payment system.
The new GIM-UEMOA mutualization plan, which includes the GIMpay infrastructure and the related new ecosystem, would reshape WAEMU’s digital financial environment in a way that fosters financial inclusion, fintech innovation, and a better customer experience.
PaySky, a leading technology company, has achieved a major milestone in the industry through this groundbreaking collaboration. In an unprecedented move, PaySky has become the technology partner for not just one, but five platforms within the GIMpay ecosystem. This partnership is set to revolutionize the industry and pave the way for exciting developments in the future. This relationship is unprecedented in size and breadth, solidifying PaySky’s leadership position and ushering in a new age of fintech advancements in Africa.
“We are delighted to partner with PaySky as a contributor to the GIMpay ecosystem. “GIMpay is a catalyst for the efforts of banks, e-money institutions, decentralised financial services, fintech, and national treasuries to master the customer experience in order to create a sustainable digital finance ecosystem,” said Minayegnan Coulibaly, CEO of GIM-UEMOA.
Read also: Zanifu secures $11.2 million in debt and equity for lending services
Working towards an all-inclusive ecosystem
GIM-UEMOA, known for its innovative digital projects, is working towards establishing an all-inclusive ecosystem. This ecosystem will consist of a Regional Omni-channel Payment gateway, a Government Service Collection Platform, a VAT Collection Platform, and a Super App Enablement Platform. Within this revolutionary ecosystem, PaySky has been hand-selected as the partner of the following services.
Additionally, PaySky is now in talks to provide ATM Value Added Services (VAS) within the GIMpay ecosystem. An additional service has been introduced to enhance the financial infrastructure by offering a variety of value-added services through ATMs, meeting the changing needs of consumers.
“We are thrilled to partner with GIM-UEMOA, as this collaboration marks a transformative step towards driving fintech and digital innovations in West Africa, based on PaySky’s vast experience in developing payment solutions for leading financial institutions, central banks, telecom operators and FinTech companies worldwide.’’ Dr. Waleed Sadek, Founder & CEO of PaySky said.
‘’As the chosen technology contributor for 5 crucial services within the GIMpay ecosystem, we are honored to serve 8 nations, being Senegal, Cote d’Ivoire, Benin, Guinea-Bissau, Mali, Burkina Faso, Niger, and Togo. Our collective mission is to develop their national payment capabilities, empowering hundreds of thousands of merchants and millions of individuals with the latest technology in the payment domain. This collaboration will play a pivotal role in supporting these countries’ journey towards financial inclusion and digital transformation as means to economic prosperity & social welfare.”
A remarkable achievement in the African fintech landscape
The partnership between GIM-UEMOA and PaySky is a significant development in the fintech industry in Africa. This agreement covers five crucial services and spans across eight countries. It will benefit 133 banks, 500 decentralized financial services, 40 electronic money issuers, and 180 fintech companies.
This collaboration marks a remarkable achievement in the African fintech landscape. PaySky’s recent alliance not only cements its position as a trusted leader but also paves the way for future advancements and innovations in the financial technology sector.
GIM-UEMOA’s partnership with PaySky is a major development in Africa’s financial technology industry. PaySky, the chosen technology contributor for five services within the GIMpay ecosystem, is showcasing its expertise in driving fintech and digital innovations. PaySky, a leading provider of seamless and secure financial services, is setting the standard for professionalism and market leadership. A collaboration is set to revolutionise the financial landscape, equipping businesses and governments with essential tools for success in the digital era.
