Regulatory Alerts2015-01-13
Added · Updated
Instruction No. 002-01-2015 on Procedures for Obtaining Client Consent by Data Providers to Credit Information Bureaus within the UMOA Credit Information Sharing System
The Governor of the Central Bank of West African States (BCEAO) issued Instruction No. 002-01-2015 to standardize how data providers obtain prior client consent before transmitting credit-related data to Credit Information Bureaus (CIBs) within the UMOA region. The regulation mandates that consent be documented via a prescribed form attached to account and credit files, valid exclusively for transactions with the specific data provider, and requires electronic platforms for online applications to ensure identification, confidentiality, non-repudiation, integrity, authentication, and archiving. Furthermore, it establishes a mandatory retention period for consent throughout the business relationship plus five additional years post-termination, while guaranteeing clients access to their data, dispute rights, and one free annual credit report.
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