GIM-UEMOA Partners with PaySky To Revolutionize Financial Services in West Africa
GIM-UEMOA (Groupement Interbancaire Monetique de l'Union Economique et Monetaire Ouest-Africaine), the international organization in charge of the interbank electronic payment system for the West African Economic & Monetary Union (WAEMU) area, has recently signed an agreement with PaySky, the leading digital payments ecosystem enabler for the development of GIMpay.
The GIMpay infrastructure and the associated new ecosystem constitute the new GIM-UEMOA mutualization proposal that will redefine the digital financial landscape in the WAEMU, promoting financial inclusion, fintech innovation, and improved customer experience.
This collaboration marks a significant milestone in the industry, as PaySky becomes a technology partner for not one, but five platforms within the GIMpay ecosystem. The scale and scope of this partnership are unparalleled, cementing PaySky's position as a market leader and heralding a new era of fintech innovations in Africa.
GIM-UEMOA, renowned for its forward-thinking digital initiatives, aims to create a comprehensive ecosystem that encompasses a Regional Omni-channel Payment gateway, a Government Service Collection Platform, A VAT Collection Platform, and a Super App Enablement Platform. PaySky has been handpicked as the partner of the following services within this transformative ecosystem.
1. Digital Merchants Platform: PaySky's cutting-edge technology will empower merchants to harness the power of digital channels and enhance their online & offline presence. By offering seamless and user-friendly interfaces, PaySky ensures that businesses can efficiently manage their operations, grow their business reach and expand their customer base.
2. Regional Omni-Channel Payment Gateway: As the provider of the regional payment gateway, PaySky will enable secure and efficient transactions across Africa & the world. Its robust infrastructure will facilitate smooth payment processing, and timely settlement while ensuring the highest levels of data security and customer confidentiality.
3. Merchant Value-Added Solutions: Recognizing the need for value-added services, PaySky will introduce innovative solutions that enrich the merchant experience. From advanced analytics to personalized marketing tools, these offerings will empower businesses to gain deeper insights into consumer behavior, drive customer engagement and boost sales.
4. Government Services E-Collection Solutions:
PaySky's expertise in financial technology extends to the governmental sphere. By providing bespoke solutions tailored to the unique requirements of government entities, PaySky enables efficient and transparent processes, powered by technology, contributing to economic growth and governance.
5. VAT Reporting & Collection Solutions: The implementation of VAT systems can be complex and challenging. PaySky's comprehensive VAT collection solutions will simplify the process for businesses and governments alike. With automated processes, real-time reporting, and seamless integration, PaySky ensures accurate VAT collection and compliance.
Potential Expansion: Moreover, PaySky is currently engaged in discussions to offer ATM Value Added Services (VAS) within the GIMpay ecosystem. This additional service has the potential to further enhance the financial infrastructure by providing a range of value-added offerings through ATMs, catering to the evolving needs of consumers.
The agreement between GIM-UEMOA and PaySky, encompassing five essential services across 8 countries, serving 133 banks, 500 decentralized financial services, 40 electronic money issuers, and 180 fintech represents an unprecedented milestone in the fintech landscape in Africa. This alliance not only solidifies PaySky's position as a trusted leader but also sets the stage for future advancements and innovations in the financial technology sector.
GIM-UEMOA’s groundbreaking collaboration with PaySky marks a significant step forward in the financial technology sector in Africa. As the chosen technology contributor for five services within the GIMpay ecosystem, PaySky showcases its expertise in driving fintech & digital innovations. With its commitment to seamless and secure financial services, PaySky sets the standard for professionalism and market leadership. This collaboration is poised to reshape the financial landscape, providing businesses and governments with the tools they need to thrive in the digital age.
“We are delighted to partner with PaySky as a contributor to the GIMpay ecosystem. GIMpay is a catalyst for the initiatives of banks, electronic money institutions, decentralized financial services, fintech and national treasuries in mastering the customer experience for a responsible digital finance ecosystem.", said Minayegnan COULIBALY, CEO GIM-UEMOA.
Dr. Waleed Sadek, Founder & CEO of PaySky expressed: "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. 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."
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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.
About PaySky:
PaySky is the leading digital payment solutions provider founded in Egypt in 2017. With a track record of serving numerous financial institutions across 18 countries, PaySky has established itself as a trusted industry leader. In 2022, PaySky expanded its portfolio to include Yalla Card and Yalla Super App, a comprehensive B2C platform offering digital financial and non-financial services that has garnered significant acclaim since its launch. PaySky's exceptional achievements have been recognized through prestigious awards and accolades, further highlighting its dedication to driving fintech innovation and financial inclusion goals.