Burkina Faso Takes a Leap in Online Banking Security with Treasury’s Digital Payment System
A Major Boost to Burkina Faso’s Financial Sector
In a major development, Burkina Faso has successfully integrated digital technology into its public payment system, transforming the lives of Treasury officials and paving the way for increased financial inclusion across the country.
Modernizing the National Treasury and Public Accounting Directorate
With the support of the World Bank-financed Project for Financial Inclusion and Access to Finance for Small and Medium Enterprises (PAIF-PME), the National Treasury and Public Accounting Directorate has been modernized. This project has enabled the Treasury to:
- Connect to regional payment platforms
- Digitize check clearing processes
- Facilitate electronic funds transfers
Benefits of the New System
The new system offers numerous benefits, including:
- Reduced handling of cash, minimizing the risk of loss or theft
- Significantly reduced payment processing times from three days to less than 24 hours with just a click of a mouse
- Increased financial inclusion in Burkina Faso, particularly among vulnerable populations who have been excluded from the formal financial sector due to security crises and lack of access to identification documents
Improved Payment Processes for Civil Servants
Under the new system, civil servants in Burkina Faso can now receive their per diem payments via prepaid bank cards that can be used at teller machines throughout the West African Economic and Monetary Union (WAEMU) zone. The cards also allow officials to make purchases at major retail outlets that accept electronic payment terminals.
Enhanced Financial Inclusion
The project’s impact extends beyond Treasury officials, contributing to increased financial inclusion in Burkina Faso:
- The digitization of government payments has led to smoother execution of transactions and reduced the handling of cash.
- The adoption of payment methods such as bank cards and Mobile Money has ensured greater transparency in payment processes.
Modernizing the Treasury’s IT Infrastructure
The project supports the modernization of the Treasury’s IT infrastructure to facilitate the deployment of its integrated payment platform. This platform will integrate all existing Treasury payment methods and enable the use of Mobile Money, driving financial inclusion in Burkina Faso and throughout the WAEMU zone.
Future Plans
Furthermore, the eCustoms integrated payment platform, officially launched in December 2023, is expected to:
- Enable users to choose from a variety of payment methods to defray their customs duties and charges, including Mobile Money.
- Contribute further to increased financial inclusion and reduced costs for the government.
As Burkina Faso continues to navigate its economic challenges, the implementation of this digital payment system is a significant step forward in enhancing financial inclusion and improving the lives of citizens.