West African leaders back plan for a shared payments network
Regional leaders have endorsed a roadmap for linking national payment systems, a move traders say could cut the cost of moving money across borders.
Leaders meeting at a regional summit this week endorsed a roadmap to connect national payment systems across West Africa, aiming to let businesses and families send money between countries as easily as within them.
Why it matters
Cross-border transfers in the region often pass through banks outside the continent, adding days of delay and fees that small traders struggle to absorb. A shared network would settle payments locally and in local currencies.
For a market trader moving goods between Lagos and Accra, every percentage point in fees is a meal on the table.
What happens next
Central banks will publish technical standards within six months
A pilot is planned between three countries next year
Full rollout depends on funding and data-protection agreements
Analysts caution that similar plans have stalled before, but say political backing at this level is a meaningful step.
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