Since January 31, 2024, the Central Bank of West African States (BCEAO) has published an instruction setting out the methods of providing payment services in the 8 West African countries, members of the UMOA (West African Monetary Union).

The BCEAO regulatory text published on 31 January last year according to which banks, credit financial institutions, microfinance structures and electronic money institutions are authorized to provide payment services within the UMOA gives officially a period of 6 months for payment service providers operating within the Union. In reality, these structures must first obtain approval as a payment institution from the BCEAO. Obtaining approval is subject to the justification of a minimum fully paid up share capital that varies according to the types of payment services chosen by the applicant

This text, which has officially entered into force, was eagerly awaited by a group of financial players wishing to provide payment services in the UMOA zone. It makes it possible to regulate this sector, while strengthening consumer protection.