BPC enters Yemen launching a new instant payments system

November 25, 2019

BPC has partnered up with WeNET to launch a new instant payments system in Yemen.

WeNet is building the Yemeni Instant Payments National Infrastructure and the National Switch for both card and non-card based payments, all based on BPC’s SmartVista suite. With BPC’s help, WeNet will integrate on SmartVista and launch in only a couple of months.

BPC’s collaboration with WeNet enables money transfers from any source to any recipient: that is, from a wallet to an account, from one account to another, and in between cards and accounts.

BPC proposed a unified interface for all the participants - banks, payment aggregators, e-wallet providers. In the first phase, three different types of interfaces will be deployed, because many participants, including banks, will not be ready to switch to one single system just yet.

Says Angelo Bertini, Managing Director MENA, BPC:
“This new deal is a major milestone for BPC, as it aims to serve Yemen’s 30 million inhabitants in a market with rising fintech potential. We are pleased to see that with the right partners our technology can make an impact and connect millions of Yemenis to instant payments services.”

Through the new set-up, payments can be executed instantly via an online banking environment or a mobile application. The development of this new payment infrastructure in Yemen is financed by Hayel Saeed Anam, a multi-billion dollar conglomerate active in the Middle East and Northern Africa and headquartered in the UAE. Murooj, its subsidiary, is the majority shareholder of Yemen’s key financial institution Yemen Financial Services Company and the company that created WeNet as a way to boost the activities of Yemen Financial Services.