The Director General of the National Agency for the Supervision of Decentralized Financial Systems (ANSSFD), Abdou Rafiou Bello, informed that 25 public tender structures for savings and money investment operating completely illegally Equality in Benin were singled out in 2022. The files of these illicit initiatives have been transmitted to the Economic and Financial Brigade (BEF).

Departments of the Ministry of the Economy and finances have detected public offering structures for illegal savings and money investment. According to Abdou Rafiou Bello, “savings collection is regulated and governed by community laws of the member countries of the West African Economic and Monetary Union (UEMOA).” According to him, to collect savings, you have to be either a bank or a microfinance institution. “To enter the financial market, you must be an intermediation management company and have an authorization from the regional financial markets council” he said.

The interministerial order number 02/538/MEF/MISP/DC/DG-ANSSFD/DGA/DAR/CM of 4 March 2022 signed by ministers Alassane Séidou and Romuald Wadagni, specifies that it is formally “prohibited throughout the national territory, The illegal collection of savings called “Adogbè” or any other forms or names of the kind,” he recalled.