Instruction No. 006-05-2015 of May 8, 2015 on the Approval of Tariff Schedules for Credit Information Bureaus

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The Governor of the Central Bank of West African States (BCEAO), Having regard to the Treaty of the West African Monetary Union (UMOA) of January 20, 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the Treaty of the West African Monetary Union of January 20, 2007, particularly Articles 30 and 59; Having regard to the Uniform Act regulating Credit Information Bureaus in member states of the UMOA, particularly Articles 28 and 40, D E C I D E S

Article 1: Purpose This instruction sets forth the conditions for approving the tariff schedules of information services provided by Credit Information Bureaus, as well as the procedures for communicating them to relevant stakeholders.

Article 2: Submission of Tariff Schedule Proposals Credit Information Bureaus must submit to the Central Bank for approval, by September 30 each year, their tariff proposals regarding services offered to clients for the following calendar year. These proposals must be accompanied by the projected financial statements of the Credit Information Bureaus for the relevant year.

Article 3: Principles Governing Tariff Schedule Setting The tariffs of Credit Information Bureaus are differentiated by service categories and incorporate a principle of unit cost degressivity based on increasing consultation volumes. In this regard, Credit Information Bureaus take all necessary measures to implement a system capable of tracking client consultations. Avenue Abdoulaye FADIGA BP 3108 – Dakar – Senegal Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 www.bceao.int INSTRUCTION NO. 006-05-2015 ON THE APPROVAL OF TARIFF SCHEDULES FOR CREDIT INFORMATION BUREAUS

2 Tariffs are defined based on transparency and cost budgeting principles, enabling the operator to cover all expenses justified by the operational needs of the Credit Information Bureau and ensure profitability. The approval of tariff schedules does not cover the value-added services defined by the aforementioned Uniform Act.

Article 4: Procedures for Tariff Schedule Approval The BCEAO reviews the tariff schedule proposals of Credit Information Bureaus in accordance with the principles defined in Article 3 above. It may request any additional documents or information it deems useful. The Central Bank has a period of forty-five calendar days, from receipt of the tariff schedule proposals containing the elements specified in Article 2 and any requested supplementary information, to issue a decision. Any request for supplementary information suspends the aforementioned deadline. This deadline resumes from the date of receipt of the requested information. The Credit Information Bureau has five working days to submit the supplementary information. The decision to approve or disapprove the tariff schedule proposals is communicated to the concerned Credit Information Bureau within the deadline specified in paragraph 2 of this article, by any appropriate means. The absence of a response from the BCEAO within forty-five days constitutes automatic approval of the submitted proposals. In case of disapproval, the Credit Information Bureau must submit new proposals to the BCEAO within fifteen calendar days from the notification date, taking into account, where applicable, the Bank's comments.

Article 5: Publication of Tariff Schedules Credit Information Bureaus must permanently display their approved tariff schedules in their premises and, where applicable, on their websites. They are required to publish this information at least in one widely circulated newspaper of the UMOA member states each time tariffs are modified. Approved tariff schedules must be submitted to the BCEAO, the Professional Associations of Credit Institutions and Decentralized Financial Systems, and consumer associations established within the UMOA, no later than five calendar days before their effective date.

Article 6: Modification of Tariff Schedules The BCEAO may conduct a new approval following tariff modification requests submitted by Credit Information Bureaus during the year, particularly due to changes in the technological, economic, and financial environment. The BCEAO may also require Credit Information Bureaus to submit new tariff proposals for the relevant year within a calendar year, accounting for environmental changes.

These proposals are processed in accordance with Article 4 above.

3 When tariff schedule modifications specified in paragraphs one and two of this article occur after the approval of proposals for the following year, Credit Information Bureaus must submit new tariff proposals to the BCEAO for that said year.

Article 7: Compliance Monitoring and Sanctions Non-compliance with the rules set forth in this instruction is sanctioned in accordance with the provisions of the Uniform Act regulating Credit Information Bureaus in UMOA member states.

Article 8: Entry into Force This instruction enters into force on the date of its signature. It shall be published wherever necessary.

Done in Dakar, on May 8, 2015 Tiémoko Meyliet KONE