BEAC Selects ProgressSoft for Major Financial Modernization Project

Yaoundé, Cameroon, December 6, 2023

ProgressSoft is delighted to announce its selection by the Bank of Central African States (BEAC) to implement its state-of-the-art Instant Payments and Automated Clearing House solutions. This key partnership marks a significant step towards the modernization and enhancement of financial systems across the CEMAC region.

ProgressSoft's advanced solutions will empower BEAC to seamlessly introduce instantaneous payment capabilities and optimize processing operations within financial institutions spanning Cameroon, the Gabonese Republic, the Central African Republic, Chad, the Republic of the Congo, and Equatorial Guinea. This project will extend to all financial institutions in these countries such as banks, national public treasuries, financial services of national postal administrations, and other payment services providers such as payment institutions and microfinance institutions.

To mark the commencement of this strategic partnership, a kickoff event hosted by BEAC was held in Cameroon on the 5th of December with the distinguished presence of esteemed representatives from more than 60 banks that will play a key role in the adoption of instant payments and the profound impact anticipated across the CEMAC region as a result of this project.

Furthermore, the project aims to not only enhance the efficiency of payment processes across banks and other financial institutions, but also catalyze economic growth, foster financial empowerment, and facilitate instant payments aligned with the dynamic demands of today’s world. This is in addition to amplifying financial inclusion for both individuals and businesses across the region.

"We are honored to have been selected by BEAC for this transformative project," noted Michael Wakileh, CEO of ProgressSoft. "This partnership validates our commitment to delivering innovative solutions, and together with BEAC, we are rewriting the narrative of payment processing to bring about a positive change in the lives of countless individuals across the CEMAC region."