Regulatory Alerts2014-09-24
Decision No. CM/UMOA/016/09/2014 Fixing the Remuneration Conditions for Regulated Savings Products in the West African Monetary Union (UMOA)
The Council of Ministers of the West African Monetary Union (UMOA) issued Decision No. CM/UMOA/016/09/2014 to establish fixed and variable remuneration rates for regulated savings products across member states. The Decision mandates semi-annual rate calculations based on money market and inflation benchmarks for term deposits, while setting a fixed 3.5% rate for savings accounts up to ten million CFA francs and a minimum 3.5% rate for contractual savings plans. It delegates authority to the BCEAO Governor to adjust rates during economic shifts and mandates semi-annual communication of these rates, entering into force on 1 January 2015.
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