Regulatory Alerts2024-02-01
BCEAO Sets Minimum Social Capital for Banks and Credit Financial Institutions in UMOA
The Central Bank of the States of West Africa (BCEAO) issued Notice No. 001-01-2024 to raise the minimum social capital for banks in UMOA member states from 10 billion to 20 billion while maintaining the threshold for credit financial institutions at 3 billion. Banks approved before January 1, 2024, must achieve compliance with the new threshold within three years or submit a detailed compliance plan and implementation schedule to national finance ministers, the UMOA Banking Commission, and the BCEAO by July 1, 2024. This regulatory update strengthens banking sector resilience and ensures adequate financing for regional economies, with the new capital threshold immediately applying to all new banking licenses.
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