As a prelude to National Financial Inclusion Week, which starts on November 18 and runs until November 23
2019, the Financial Services Quality Observatory (Oqsf) organized an awareness and
training of journalists from the Collective of Economic Journalists of Senegal (COJES) on financial inclusion
on November 14.
During this meeting, the Bceao presented its initiatives in favor of the development of finance
digital.
As main regulatory provisions, the BCEAO underlines the milestones laid down in 2002 by Regulation no.
15/CM/2002/UEMOA of September 19, 2002 relating to payment systems in the Member States of
UEMOA which consecrates electronic money as a lever for the promotion of financial services
inclusive
There is also Instruction n°01/2006/SP of July 31, 2006 relating to the issuance of electronic money and
electronic money institutions (Eme) taken pursuant to the provisions of the Regulation
No. 15/2002/CM/UEMOA.
The Bceao also cites the 2006 Instruction which made it possible to put in place the minimum security conditions
necessary to take advantage of all the advantages of new technologies, by creating establishments
electronic money subject to a less stringent prudential regime than that which applies to institutions
credit.
During this workshop, the Bceao made a number of observations. It notes that the activity of issuing
electronic money has not developed as expected. The services offered by these establishments
do not really enjoy wide use and acceptance.
Other findings, difficulties encountered by Eme (Weakness of outstanding electronic money, fragility
financial, unsatisfactory governance, loose risk management); inaccuracies in the definition of
electronic money, the authorized models, the role of the different actors in the ecosystem and the activities
allowed to Eme; prudential mechanism limited to Eme and authorized Sfd, did not apply to banks.
There is also the modification of the ecosystem with the development of partnerships between Banks and
Mobile phone operators; insufficient cash (intermediation activities, speculation, financing
operation with the funds collected, etc.); failure of the technical operator's platform; lack of
clarity of the mechanism for protecting user funds.