Instruction No. 020 Amending Instruction No. 008-05-2015 on Electronic Money Issuers in UMOA Member States

BCEAO
CENTRAL BANK OF WEST AFRICAN STATES

The Governor

INSTRUCTION NO. 020 AMENDING INSTRUCTION NO. 008-05-2015 OF MAY 21, 2015 GOVERNING THE CONDITIONS AND PROCEDURES FOR THE EXERCISE OF ACTIVITIES OF ELECTRONIC MONEY ISSUERS IN THE MEMBER STATES OF THE WEST AFRICAN MONETARY UNION (UMOA)

The Governor of the Central Bank of West African States (BCEAO),

Having regard to the Treaty of the West African Monetary Union (UMOA) of January 20, 2007, particularly Article 34; Having regard to the Statutes of the Central Bank of West African States (BCEAO), annexed to the UMOA Treaty of January 20, 2007, particularly Articles 9, 21, 30, and 59; Having regard to the Regulation on payment systems in the member states of the West African Economic and Monetary Union (UEMOA); Having regard to the Regulation on the external financial relations of the member states of UEMOA; Having regard to the Uniform Act on banking regulation in the member states of UMOA, particularly Articles 2, 25, and 28; Having regard to the Uniform Act on microfinance regulation in the member states of UMOA, particularly Article 5; Having regard to the Uniform Act on the fight against money laundering, the financing of terrorism, and the proliferation of weapons of mass destruction in the member states of UMOA; Having regard to Instruction No. 008-05-2015 of May 21, 2015 governing the conditions and procedures for the exercise of activities of electronic money issuers in the member states of the West African Monetary Union;

DECIDES

Article 1
Articles 31 and 34 of Instruction No. 008-05-2015 of May 21, 2015 governing the conditions and procedures for the exercise of activities of electronic money issuers in the member states of the West African Monetary Union are amended as follows:

New Article 31: Limits on electronic money holdings and reloads The total amount of electronic money holdings held by the same identified client with the same issuing institution may not exceed four million CFA francs, unless prior authorization is granted by the Central Bank.

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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

2

When the same client holds several electronic money instruments issued by the same institution, the holdings held through all these instruments are cumulated for the application of the limit set in the first paragraph of this Article. The cumulative amount of electronic money reloads made by the same client during the same month, with the same issuing institution, may not exceed fifteen million CFA francs, unless prior authorization is granted by the Central Bank. The limits set in this Article do not apply to electronic money distributors or acceptors when they act in the course of their professional activity. Any request for authorization to exceed one of the limits provided for in the first and third paragraphs of this Article is addressed to the Central Bank by the issuing institution. It specifies the reasons and duration of the exceedance as well as the amount of the requested limit. It also describes the enhanced control measures, monitoring of operations, and risk management put in place by the issuing institution. The Central Bank may attach specific conditions to its authorization, particularly by limiting its duration or withdrawing it when the conditions that justified its issuance are no longer met.

New Article 34: Placement of the counterparty of electronic money The counterparty of electronic money in circulation is placed exclusively in one or more of the following categories of assets:

1. sight deposits made with one or more banks or microfinance institutions;
2. term deposits made with one or more banks or microfinance institutions;
3. debt securities issued or guaranteed by central administrations or their subdivisions, regional financial institutions, or companies listed on the Regional Securities Exchange.

The amount of sight deposits mentioned in point 1 of the first paragraph of this Article represents, at all times, at least sixty-five percent of the outstanding balance of electronic money in circulation. Depending on the risk profile of the issuing institution, the Central Bank may set different limits or thresholds for the distribution of the placement categories mentioned in this Article. For the determination of the counterparty of electronic money in circulation, assets are taken at the lower value between their acquisition price and their market value.

Article 2
All previous provisions contrary to this Instruction are repealed.
This Instruction enters into force on November 2, 2026.
It is published wherever necessary.

Done in Dakar, on OCT 08, 2026

Jean-Claude Kassi BROU