The Central Bank of West African States (BCEAO) issued an instruction on January 31, 2024, outlining the procedures for providing payment services within the 8 West African countries that constitute the West African Monetary Union (WAMU).

This regulatory text officially grants banks, credit financial institutions, microfinance structures, and electronic money institutions the green light to offer payment services within the WAMU. However, they must first obtain approval as payment institutions from the BCEAO.

For more information, please see https://www.ecofinagency.com/finance/0702-45187-bceao-sets-regulatory-framework-for-payment-service-providers-in-the-wamu-mandates-approval-within-6-months