ECOWAS to interlink payment system for economic growth


West Africa countries have concluded plans to modify their payment system into a unified system with the aim to intensify bilateral relationship for economic growth.

The Director-General, West Africa Monetary Institute Mrs. Ngozi Egbuna stated this during an interview at the IMF/WB Annual Meetings held in Bali, Indonesia.

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.

“Interlinking our payment systems will make it possible for us to quote and trade in our local currencies.We are working in conjunction with the Central Banks as co-settlement and payment institutions, not that Central Banks will bring their money, but they will only oversee the trading platforms,” she said.