Regulatory Alerts2014-03-21
Decision No. 088-03-2014 Establishing the Deposit Guarantee Fund in UMOA
The Governor of the Central Bank of West African States (BCEAO) issued Decision No. 088-03-2014 to establish the Deposit Guarantee Fund in UMOA (FGD-UMOA) as an autonomous community institution with legal and financial independence. The Fund is mandated to guarantee client deposits within authorized credit institutions and decentralized financial systems, compensate depositors when funds are unavailable up to a ministerial cap, collect member contributions, and manage its resources. Additionally, the FGD-UMOA is empowered to request reports, issue implementing circulars, promote financial literacy, negotiate information-sharing agreements, join relevant regional or international bodies, and conclude cooperation agreements as needed.
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