Regulatory Alerts2015-01-13
Instruction No. 001-01-2015 Establishing the List of Documents and Information Constituting the Credit Bureau Approval Application File
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 001-01-2015 to establish the definitive list of documents and information required for approval applications submitted by entities seeking status as Credit Information Bureaus (CIBs). The Instruction mandates that applicants submit a written request to the relevant Finance Minister, accompanied by legally specified corporate documents, financial projections across three scenarios, and detailed IT security and operational manuals, all presented according to a standardized template. It further stipulates strict procedural timelines for supplementary information requests, capital release verification, and the final concurring opinion from the BCEAO, ensuring comprehensive regulatory oversight of new CIBs.