Regulatory Alerts2003-05-08
Instruction of May 8, 2003 on the Promotion of Book Payment Means and the Determination of Interest Rates Payable in Case of Default
The Governor of the Central Bank of West African States (BCEAO) issued this Instruction to promote book payment means and establish implementation procedures for existing regulations and directives. It mandates that private and public entities use bank transfers or checks for transactions exceeding 100,000 FCFA, while allowing cash payments below this threshold when more appropriate payment methods exist. Furthermore, the Instruction specifies that legal interest rates apply to unpaid checks within the Union, with a two-percentage-point increase applied to cross-border or out-of-Union checks.
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