Regulatory Alerts2007-11-02
Notice No. 01/2007/RB of November 2, 2007 to Banks and Financial Institutions Regarding the Increase in Minimum Share Capital of Credit Institutions of the West African Monetary Union (UMOA)
The UMOA Council of Ministers, through Notice No. 01/2007/RB issued on November 2, 2007, mandates an increase in the minimum share capital for banks and financial institutions to 10 billion and 3 billion respectively. Active institutions must meet the initial phased thresholds of 5 billion for banks and 1 billion for financial institutions by December 31, 2010, while submitting a compliant action plan and timeline to the Finance Minister, BCEAO, and UMOA Banking Commission within six months of January 1, 2008. The final application date for the higher capital thresholds will be determined upon completion of this initial phase, ensuring a robust financial system that effectively supports economic development across UMOA member states.
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