Regulatory Alerts2020-04-02
Added · Updated
BCEAO Measures to Promote Electronic Payments Amid COVID-19
The Central Bank of West African States (BCEAO) issued Advisory Opinion No. 004-03-2020 to promote electronic payments and limit physical contact during the COVID-19 pandemic. The directive mandates nationwide free peer-to-peer electronic money transfers and utility bill payments up to 5,000 and 50,000 CFA francs respectively, while eliminating or halving merchant fees on electronic and card-based transactions. Furthermore, it raises electronic wallet recharge limits, eases account opening through remote identification, and requires a 50% reduction in ATM withdrawal fees, all taking effect on April 3, 2020, for an initial thirty-day period.
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