Senegal-based interbank group GIM-UEMOA has partnered with Luxembourg-based companies development of GIMpay. The GIMpay infrastructure and its associated new ecosystem, currently under construction, represent GIM-UEMOA's new mutualisation proposal to support all players in the regional ecosystem in structuring their digital, secure, and relevant offerings.

In an increasingly digitised world, this partnership will provide UEMOA populations with effective and secure digital identity solutions, such as Open Banking, remote customer identification (e-KYC), strong authentication solutions, and more. According to the interbank group, they are happy to partner with key players from Luxembourg to strengthen trust and security in the field of digital payments for the population of UEMOA. GIMpay acts as a catalyst for banks initiatives, electronic money institutions, decentralised financial services, fintechs, and national public treasuries in enhancing customer experience.

Safeguarding user data Commenting on this partnership, officials from LuxTrust said they’re motivated by the ambitious project of GIM-UEMOA, as well as the opportunity to share their experience and implement trusted solutions within the West African ecosystem, based on a similar model implemented in Luxembourg. GIM-UEMOA users will benefit in terms of security and protection of their personal data, which will definitely contribute to the adoption of these new services. Suricate Solutions, the cybersecurity provider of UEMOA, commented that every week, new cyber-attacks against the West African financial sector are detected.

Suricate is eager to bring GIM and GIMpay partners its expertise in cyber resilience and operational security, especially in terms of security monitoring and incident response. Supporting the Open Banking and Open Finance vision LUXHUB emphasised GIM-UEMOA's strategic vision of Open Banking and, tomorrow, Open Finance. Connectivity between the region's key players will enable greater financial inclusion and the development of new innovative solutions.

Based on LUXHUB's experience in deploying Open Banking, they are confident in their ability to support GIM-UEMOA in the achievement of this crucial project for the region. Fostering financial inclusion through advanced technologies and innovation i-Hub’s executives explained that thanks to advanced technologies and innovation, new payment solutions are emerging. These have opened up new market segments for banks, such as the offline payments market and access to financial services for non-financialised populations.

Prudential players such as the GIM-UEMOA will also contribute to the strong growth of e-payment, and to its transformation, by ensuring better regulation and interoperability of transactions, notably through a normative framework, a strengthening of KYC and its digitalisation (e-KYC), while emphasising better risk and fraud management. i-Hub's focus on the end-client experience goes beyond a BPO outsourcing service, as i-Hub has developed a software architecture that enables certain attributes to be shared between the business relationships of a same end-client, upon end-client consent unlocking faster updates and turnaround. With this in mind, i-Hub is happy to provide to GIM-UEMOA and GIMpay partners with its expertise in the fight against money laundering and the financing of terrorism.

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