Regulatory Alerts2024-01-31
BCEAO Instruction 001-01-2024 on Payment Services in the West African Monetary Union
The Central Bank of West African States (BCEAO) issued Instruction 001-01-2024 to establish the conditions and procedures for providing payment services across UMOA member states. The regulation defines fifty key terms, outlines authorized and prohibited operations for payment institutions, banks, credit financial institutions, microfinance entities, and electronic money issuers, and mandates strict compliance regarding authentication, data segregation, outsourcing, and crisis management. It further specifies that payment service providers must maintain dedicated payment accounts, ensure strong authentication through multi-factor verification, and report major operational incidents affecting service continuity or security.
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