The interoperability of digital payments is emerging as a key driver for modernizing financial systems and enhancing banking inclusion. By connecting banks and fintechs, these platforms foster innovation in the financial sector.
Comoros will implement an interoperable digital payment switch, with Moroccan electronic payment solutions company PayLogic executing the project. The company announced the initiative in a statement on Sunday, February 16, marking a step in the country's financial infrastructure modernization.
"This project is a testament to our dedication to delivering innovative solutions that transform financial ecosystems. By implementing an interoperable payment switch, we are helping to create a more inclusive and efficient financial infrastructure in the Union of Comoros. We are excited to partner with local stakeholders to bring this vision to life," said Mohamed Mekouar, Executive Chairman of PayLogic.
The platform, part of the Financial Sector Development Support Project (PADSF), aims to connect financial institutions, banks, and payment service providers, creating a seamless and inclusive digital payment ecosystem. This interoperability will allow users to make instant transfers between mobile operators, between banks, and between mobile operators and bank accounts.
The initiative aligns with the Central Bank of Comoros’ policy to promote financial inclusion. The institution has encouraged local banks to offer free bank account openings for individuals and fee-free money transfers for the diaspora. Since early August, this measure has led to the opening of hundreds of new accounts, with a goal of reaching a 50% banking penetration rate by the end of 2025.
PayLogic's interoperable switch could strengthen these efforts by improving access to digital financial services, especially for rural populations and the diaspora. Reducing reliance on cash and enhancing transaction efficiency will drive broader adoption of banking and online payment services across the country.
By Samira Njoya,
Editing by Sèna D. B. de Sodji
