Regulatory Alerts2025-04-01
BCEAO Advisory No. 004-03-2025 on the End of the Transitional Period for Payment Services Compliance in UMOA
The Central Bank of West African States (BCEAO) issued Advisory No. 004-03-2025 to formally conclude the extended six-month transitional period for payment service providers operating in the West African Monetary Union (UMOA). The directive mandates that all non-approved entities must cease offering payment services within the UMOA territory starting 1 May 2025, following an extension from the original July 2024 deadline to January 2025. This final compliance cutoff ensures full alignment with the regulatory requirements established under Instruction No. 001-01-2024.
BCEAO CENTRAL BANK OF WEST AFRICAN STATES The Governor ADVISORY NO. 004-03-2025 ON THE END OF THE TRANSITIONAL PERIOD FOR COMPLIANCE WITH THE PROVISIONS OF INSTRUCTION NO. 001-01-2024 DATED 23 JANUARY 2024 REGARDING PAYMENT SERVICES IN THE UMOA The Central Bank published on 23 January 2024, Instruction No. 001-01-2024 regarding payment services in the West African Monetary Union (UMOA). A transitional period of six (6) months, calculated from the date of signature of said Instruction, was granted to the concerned entities to comply with the requirements of the new regulatory provisions governing payment services. Initially scheduled to end on 23 July 2024, this period was extended until 31 January 2025 by BCEAO Advisory No. 003-09-2024 dated 25 September 2024. As of 1 May 2025, any entity not approved in accordance with the requirements of the aforementioned Instruction must cease offering payment services within the UMOA. This Advisory is published wherever necessary. Done in Dakar, on 9 MARCH 2025 Jean-Claude Kassi BROU Avenue Abdoulaye FADIGA BP 3108 - Dakar - Senegal Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 courrier.bceao@bceao.int - www.bceao.int