Regulatory Alerts2016-06-09
Instruction No. 006-06-2016 Setting the Annual Levy on Net Profits of Credit Information Bureaus for Special Reserve Formation
The Governor of the Central Bank of West African States (BCEAO) issues Instruction No. 006-06-2016 to establish a mandatory annual levy of at least ten percent on the net profits of Credit Information Bureaus for special reserve formation. This levy remains obligatory until the accumulated reserve reaches twenty-five percent of each bureau’s share capital, with non-compliance subject to sanctions under the UMOA Uniform Act. The regulation enters into force upon its signature on 9 June 2016 and applies across all UMOA member states.
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