Regulatory Alerts2015-05-08
Instruction No. 007-05-2015 of May 8, 2015 on the Procedures for Receiving and Processing Client Complaints by Credit Information Bureaus
The Governor of the Central Bank of West African States (BCEAO) issued this Instruction to establish standardized procedures for Credit Information Bureaus, credit institutions, and decentralized financial systems to receive, process, and report client complaints. It mandates the use of specific paper or electronic complaint forms, requires data suppliers to correct inaccurate information upon verified requests, and obligates Credit Information Bureaus to submit quarterly statistical reports and annual compliance statements detailing complaint outcomes, including data modifications or cancellations. The Instruction entered into force upon signature on May 8, 2015, and applies to all natural and legal persons seeking credit information within the UMOA member states.