Regulatory Alerts2017-01-17
BCEAO Instruction No. 002-01-2017 on Processing Individual Nationality Waivers for Decentralized Financial System Executives
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 002-01-2017 to establish the procedural framework for processing individual nationality waivers requested by executives of decentralized financial systems (SFDs) who are not nationals of a WAMU member state. The instruction mandates that applications be submitted in duplicate to the relevant Ministerial Monitoring Structure, specifying required documentation, a one-month processing timeline for both ministerial and central bank review, and suspension rules for supplementary information requests. It further clarifies that nationals of countries with established reciprocity or establishment conventions are exempt from the waiver requirement, while non-nationals must provide written proof of such equivalence before assuming office, with non-compliance subject to sanctions under the Uniform Act on SFD regulation.