Regulatory Alerts2015-05-08
Instruction No. 008-05-2015 Governing the Conditions and Modalities for the Exercise of Electronic Money Issuer Activities in the Member States of the West African Monetary Union (UMOA)
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 008-05-2015 to regulate the conditions and operational modalities for electronic money emission activities across UMOA member states. The directive mandates prior approval or authorization for all non-bank entities, establishes a minimum three-hundred-million FCFA capital threshold, and enforces strict prudential, technical, and risk management standards for issuing establishments and their distribution networks. It further clarifies supervisory oversight, defines interoperability and traceability requirements, and outlines specific prohibitions on credit issuance and fund remuneration while preserving external financial compliance.
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