Guinea is set to modernize its financial infrastructure with a national instant payment system aimed at speeding transactions, reducing cash use, and strengthening financial inclusion, the country’s central bank said.
El Hadj Mohamed Lamine Conte, first vice-governor of the Central Bank of the Republic of Guinea (BCRG), inaugurated a two-day workshop on the project on December 18, outlining plans for a system that will allow real-time transfers between bank accounts, mobile wallets, and other payment instruments.
“The SPI project will enable immediate payments for citizens and businesses, while improving government cash management and lowering administrative costs,” Conte said. He noted that the initiative is particularly focused on enhancing financial access in rural areas and formalizing payments in the informal sector.
The system is designed to accelerate public disbursements, including salaries, social assistance, and supplier payments, while allowing businesses to better manage cash flows through immediate receipts. By reducing reliance on cash which carries higher costs and security risks authorities expect to improve efficiency across the financial ecosystem.
Guinea has chosen Mojaloop technology to power the platform, which ensures full interoperability among payment service providers. Authorities highlighted the benefits of retaining state control, limiting technological dependence, and fostering competition and innovation, particularly among local fintech firms.
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“The platform is scalable and will allow Guinea to integrate with regional and pan-African payment initiatives,” Conte said, signalling the country’s ambition to link with platforms such as the Pan-African Payment and Settlement System (PAPSS) and ECOWAS-led projects.
Several African nations have already rolled out similar systems. Ghana, Nigeria, and Rwanda reported rapid growth in digital payments, reduced cash usage, and improved transaction transparency following the adoption of instant payment platforms. Guinea aims to replicate these successes while positioning itself within a continental trend towards digital financial integration.
The BCRG is also learning from developments in the West African Economic and Monetary Union (WAEMU). In September 2025, the Central Bank of WAEMU launched the interoperable PI-SPI platform, which enables fast, secure, and cross-border transactions among the union’s eight member countries. Between 2014 and 2024, electronic payments in WAEMU surged from 260 million to over 11 billion transactions, while financial inclusion rose to 74% from under 15% two decades earlier.
According to the AfricaNenda Foundation’s 2024 report on inclusive instant payment systems, 31 such platforms now operate across Africa, including three that support real-time cross-border payments. Guinea’s SPI project is designed to align with this continental shift, enhancing economic integration and bringing the country’s financial system into the digital age.
Officials say the system will strengthen both the formal and informal economy, promote financial literacy, and encourage adoption of digital finance tools, particularly in underbanked regions. By integrating with existing financial infrastructure and future regional platforms, Guinea hopes to position itself as a competitive player in Africa’s growing digital payments ecosystem.
Conte concluded, “The instant payment system is a major step forward for Guinea, ensuring faster, safer, and more inclusive transactions, while paving the way for regional connectivity and broader economic growth.”
The SPI project is expected to roll out in stages, with continuous monitoring and consultation with financial stakeholders to ensure adoption and interoperability across banks, fintech firms, and mobile money operators.
