Description :

The financial landscape of Africa is on the brink of transformation with the launch of GIMpay, an innovative digital payment platform spearheaded by GIM-UEMOA. This groundbreaking initiative is set to redefine cross-border financial transactions across the West African Economic and Monetary Union (UEMOA), promoting financial inclusion, fostering innovation, and enhancing the overall customer experience.

Unveiled at the Regional Payment Salon in Dakar, Senegal, held from November 26 to 28, 2024, GIMpay aims to address critical challenges in financial inclusion and digital transformation. Designed as a robust infrastructure for seamless cross-border payments, the platform will strengthen monetary sovereignty within the region while enabling a secure, inclusive, and innovative ecosystem.

Central to this initiative is the GIMpay Super App, built on the Backbase Engagement Banking Platform. This comprehensive application integrates financial services with a user-friendly interface to deliver instant, frictionless transactions. The app not only connects banks but also brings together microfinance institutions, fintech companies, e-money providers, and national treasuries under one cohesive digital ecosystem.

Key Features of GIMpay

Open Banking: Facilitates seamless integration between financial institutions, creating a network that fosters collaboration and innovation.

Digital Identity Solutions: Offers secure remote customer identification (e-KYC) and strong authentication mechanisms, ensuring data privacy and trust.

Ecosystem Collaboration: Brings together banks, fintech, and e-money providers to build a dynamic financial environment that caters to both individuals and businesses.

Financial Inclusion: Provides accessible digital services for underserved and unbanked populations, bridging the gap in financial accessibility.

Strategic Partnerships Driving Innovation

The success of GIMpay is bolstered by strategic collaborations with key players in Luxembourg, including Suricate Solutions for cybersecurity, LuxTrust for digital identity services, LUXHUB for Open Banking, and i-Hub for e-KYC services. These partnerships strengthen the platform’s trust, security, and operational efficiency.

Cybersecurity: Suricate Solutions provides robust cyber resilience and incident response services, ensuring secure financial operations across the region.

Digital Identity: LuxTrust integrates trusted digital identity solutions, enhancing user security and privacy.

Open Banking: LUXHUB’s expertise in Open Banking supports the seamless connectivity of financial institutions, paving the way for Open Finance.

KYC Digitization: i-Hub’s innovative technologies improve customer onboarding, fraud prevention, and regulatory compliance.

Driving Economic Impact and Financial Empowerment

GIMpay’s overarching vision is to empower UEMOA populations through accessible, efficient, and secure digital financial services. By integrating financial innovation with lifestyle offerings, the platform appeals to the tech-savvy younger generation while driving regional economic growth.

As Minayegnan Coulibaly, Managing Director of GIM-UEMOA, explains:

"GIMpay is a catalyst for banks, fintechs, and public treasuries, helping them master the customer experience. It holds the potential to significantly impact the lives of citizens across the region."

Backbase CEO Jouk Pleiter adds:

"We are proud to partner with GIM-UEMOA to deliver this game-changing service, designed to meet the unique needs of West Africa."

As GIMpay continues its journey, it symbolizes more than a digital payment system. It represents a shift towards an inclusive financial ecosystem that blends technology, innovation, and human-centric services. With its commitment to improving financial access and fostering economic development, GIMpay is poised to transform the financial landscape of Africa.

About GIM-UEMOA

GIM-UEMOA oversees the interbank payment system for the UEMOA region, fostering secure and innovative financial solutions to support economic growth and development.

About Backbase

Backbase specializes in customer-centric digital banking solutions, empowering financial institutions globally with cutting-edge technology to transform the customer experience.