• Central bank launches project for real-time transfers across banks and mobile wallets
• System aims to speed government payments and improve business cash management
• Guinea targets future links with regional and pan-African payment platforms

Guinea is preparing to roll out a national instant and interoperable payment system, as part of efforts to modernize its financial infrastructure and expand financial inclusion.

El Hadj Mohamed Lamine Conte, first vice-governor of the Central Bank of the Republic of Guinea (BCRG), on December 18 opened a two-day workshop on the national instant payment system (SPI) project. The initiative is designed to create a national infrastructure enabling immediate money transfers between bank accounts, mobile wallets, and other payment instruments.

The system also aims to facilitate merchant payments in both the formal and informal sectors, reduce reliance on cash—which carries higher risks, costs, and inefficiencies—and strengthen financial inclusion, particularly in rural areas.

For the government, the SPI is expected to accelerate public payments such as salaries, social assistance, and supplier settlements. It should also help lower administrative costs linked to manual payments and cash handling. For businesses, the system is expected to improve cash flow management through immediate receipts.

Technology choice and regional ambitions

Following consultations with stakeholders, Guinea selected a public digital infrastructure based on Mojaloop technology. The platform enables full interoperability among payment service providers. Authorities say the choice allows the state to retain control of the infrastructure, limit technological dependence, and encourage competition among providers, while also creating a favorable environment for innovation, particularly for local fintech firms. The system is designed to be scalable and compatible with regional initiatives.

Guinea is also preparing for future integration with platforms such as the Pan-African Payment and Settlement System (PAPSS) and ECOWAS-led projects. Several African countries, including Ghana, Nigeria, and Rwanda, have already implemented instant payment systems, with reported growth in digital payments, lower cash usage, and improved transaction transparency.

Conakry is also drawing lessons from recent developments in WAEMU. In late September 2025, the Central Bank of West African States (BCEAO) launched its interoperable instant payment platform, PI-SPI, which operates continuously across the union’s eight member countries. The platform is designed to enable fast and secure transactions between payment service providers and to strengthen financial inclusion and economic integration.

Between 2014 and 2024, electronic payments in WAEMU rose from 260 million to more than 11 billion transactions, while the financial inclusion rate reached 74%, up from less than 15% two decades earlier. According to AfricaNenda Foundation’s 2024 report on the state of inclusive instant payment systems, 31 instant payment systems are already operational in Africa, including three that support real-time cross-border payments. Guinea aims to join this continental shift and position its financial system within this broader evolution.

Chamberline Moko