Regulatory Alerts2002-09-19
Directive No. 08-2002-CM-UEMOA on Measures to Promote Bankization and the Use of Written Payment Instruments
The UEMOA Council of Ministers issued Directive No. 08-2002-CM-UEMOA to mandate the use of written payment instruments, such as cheques and bank transfers, for all financial transactions, salaries, taxes, and invoices involving amounts at or above the BCEAO reference threshold. Member States are required to transpose these provisions into uniform national laws within six months of the Directive's signature, while the BCEAO and UEMOA Commission oversee implementation and periodic awareness campaigns. The measure exempts qualifying written payments from stamp duties, thereby accelerating bankization across public administrations, private entities, and civil servants throughout the West African Economic and Monetary Union.
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