MUKAZA, April 28 (ABP) – The Bank of the Republic of Burundi (BRB) officially launched the national instant payment system called BurundiPay, a modern infrastructure designed to transform the payment ecosystem in Burundi.
In his address, the governor of the BRB, Edouard Normand Bigendako, stated that this initiative is part of Burundi’s vision to become an emerging country by 2040 and a developed country by 2060, notably through the modernization of the financial sector. He recalled that the global payment ecosystem is undergoing rapid change, driven by technological innovations and the growing expectations of users for fast, secure, and accessible services. In this context, many countries have undertaken reforms to adapt their payment systems to international standards.
At the national level, according to this official, Burundi’s financial sector faces several challenges, including the low level of interoperability between the payment systems and methods of financial institutions, limited access of the people to digital financial services, and the heavy use of cash as the main means of payment.
In response to these challenges, he specified that since December 2024, the BRB has initiated a process to modernize the national payment ecosystem in order to align it with international standards and provide the population with modern payment systems that facilitate transactions.
This reform is based on the establishment of a modern and centralized infrastructure enabling full interoperability of all payment systems and methods. It also includes upgrading the existing interbank payment system, ATS, to bring it in line with the international ISO 222 standard.
According to the governor of the BRB, BurundiPay complements existing infrastructures already managed by the Central Bank, notably the automated clearing house system for small-value payments (ACH), the real-time gross settlement system for large-value payments (RTGS), as well as the national payment switch. He specified that BurundiPay is simple to use, fast, and secure, offering many advantages to users.
Payments are made and received instantly, within seconds, 24 hours a day and 7 days a week, across the entire national territory. The system also allows transactions to be carried out without physically going to a bank branch or a mobile wallet service point, thereby reducing travel constraints and saving users significant time.
According to Governor Bigendako, interoperability is effective among different commercial banks, deposit-taking microfinance institutions, and payment institutions.
The system is an alternative electronic payment channel that will significantly contribute to reducing the use of cash as a means of payment, he emphasized.
The BRB believes that this reform constitutes a major step toward financial inclusion, economic modernization, and the reduction of cash usage in transactions, while strengthening transparency and efficiency in Burundi’s financial system.