GIM-UEMOA joins nexo standards to simplify cross-border payments across West Africa

11th July 2023 – International, non-profit organization nexo standards – established to create a unified global card payments acceptance ecosystem – has welcomed GIM-UEMOA into the association to implement ISO 20022 specifications that help reduce time to market of West African payment solutions and improve the customer experience.

GIM-UEMOA brings together 145 members including banks, financial and postal institutions, microfinance structures, electronic money institutions and promotes electronic payment systems and means of payment to the banking and financial sectors, administrations and the population of the West African Economic and Monetary Union (WAEMU).

The organization’s ambition is to work with nexo and adopt ISO 20022-based specifications so it can meet the specific needs of the WAEMU zone.

“Our members are critical in helping to shape the future of payments. With their support, we can break new ground worldwide and ensure that global, unified standards are available to all. We are eager to help GIM-UEMOA meet its ISO goals and learn from its regional expertise as nexo continues its efforts to simplify payments acceptance everywhere,” comments Jean-Philippe Joliveau, Chairman of the Board of Directors, nexo standards.

Speaking about joining nexo standards, Minayegnan Coulibaly, CEO of GIM-UEMOA, adds: “This is a significant partnership for the future of payments across West Africa as we continue to provide a connected, modernized, interoperable and secure platform offering.

“Electronic payment inter-banking in the WAEMU area is no longer an option but a necessity. With more of the West African population using mobile money over cards, we want to collaborate closely with nexo to contribute to the specifications and enable mobile money to be recognized as a standardized use case both in the region and globally too.

“Additionally, with nexo standards, it means we can further support our members in cross-border transactions – and ISO 20022 migration will be integral in achieving this.”

nexo standards currently has a 101-strong membership spanning Europe, America and the Middle East. It has powered over a billion transactions, supporting the simplified implementation of payment acceptance solutions through standardization.

ENDS

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About nexo standards

nexo standards is the association dedicated to removing the barriers present in today’s fragmented global payment acceptance ecosystem. It enables fast, borderless and global payments acceptance by standardizing the exchange of data between all payment acceptance stakeholders. The nexo specifications and messaging protocols adhere to ISO 20022 standards, are universally applicable and fully open.

nexo standards is a not-for-profit, open association; its membership represents the full spectrum of payment stakeholders including merchants and other payment acceptors, processors, card schemes, payment service providers and vendors.

           

About GIM-UEMOA

GIM-UEMOA, in charge of the interbank electronic payment system for the WAEMU area brings together 145 members, including banks, financial and postal institutions, microfinance structures and electronic money institutions. Its main mission is to promote electronic payment systems and means to the banking and financial sectors, administrations and the WAEMU populations.