West African countries collaborate to interlink payment system – Punch Newspapers


To make trading between African countries easier, West African countries have joined forces to interlink their payment system.

The Director-General, West African Monetary Institute, Mrs. Ngozi Egbuna, made this known on Sunday in an interview with the News Agency of Nigeria on the sideline of the IMF/WB Annual Meetings in Bali.

She revealed that with funding from the African Export-Import Bank, the Institute was currently working to link the payment system of Gambia, Guinea, Ghana, Liberia and Nigeria.

She said that once the linkage was done, West African States would be closer to achieving their dream of migrating to a single currency, known as the ECO.

Egbuna said that the linkage was the second phase of the Institute’s payment systems infrastructure project in the region.

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