Regulatory Alerts2012-12-14
Decision No. CM/UMOA/021/12/2012 Adopting the Uniform Draft Decree on Authorizing Banking-Character Financial Institutions to Receive Public Funds Deposits
The West African Monetary Union (UMOA) Council of Ministers adopted Decision No. CM/UMOA/021/12/2012 to formally approve a uniform draft decree governing the authorization of banking-character financial institutions to receive public funds deposits. The decree mandates that such institutions obtain prior ministerial authorization for specific deposit types, including term deposits of two years or more, transaction-allocated funds, loan repayment deposits, deferred credit receipts, and authorized bond proceeds. The Central Bank of West African States (BCEAO) is tasked with processing applications within three months, while the Finance Minister issues the final authorization orders and ensures domestic legal incorporation across all UMOA member states.