Regulatory Alerts2024-09-26
BCEAO Notice No. 003-09-2024 Extending the Transitional Compliance Period for Payment Services in UMOA
The Central Bank of West African States issued Notice No. 003-09-2024 to extend the six-month transitional compliance period for payment service providers under Instruction No. 001-01-2024 until January 31, 2025. This extension grants affected entities additional time to align their operations with the new regulatory framework's requirements without facing non-compliance penalties. The revised timeline applies from the original instruction's signature date, ensuring continuous regulatory coverage for all designated payment structures.
BCEAO CENTRAL BANK OF THE STATES OF WEST AFRICA
The Governor
NOTICE NO. 003-09-2024 EXTENDING THE TRANSITIONAL COMPLIANCE PERIOD FOR PAYMENT SERVICES IN UMOA
The Central Bank issued on January 23, 2024, Instruction No. 001-01-2024 regarding payment services in the West African Monetary Union (UMOA).
A transitional period of six (6) months, calculated from the date of signature of said Instruction, was granted to the concerned entities to comply with the requirements of this new regulatory framework for payment services.
The aforementioned transitional period is extended until January 31, 2025.
This Notice is published wherever necessary.
Done in Dakar, on September 25, 2024
Jean-Claude Kassi BROU
Avenue Abdoulaye FADIGA BP 3108 - Dakar - Senegal Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 courrier.bceao@bceao.int - www.bceao.int