Instruction n°008-05-2015 du 21 mai 2015 régissant les conditions et modalités d'exercice des activités des émetteurs de monnaie électronique dans les États membres de l'UMOA (Instruction No. 008-05-2015 governing the conditions for the exercise of electronic money issuer activities in the WAMU member states)

BCEAO Instruction No. 008-05-2015 of 21 May 2015 is the regional framework governing the issuance and management of electronic money throughout the eight WAEMU member states (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo). It replaced the earlier 2006 instruction and is the legal basis for the rapid growth of mobile money in francophone West Africa. It is recorded here under Côte d'Ivoire but applies uniformly region-wide; it is issued under, and supplements, Regulation No. 15/2002/CM/UEMOA on payment systems. Scope and applicability: The Instruction defines electronic money and regulates 'établissements de monnaie électronique' (electronic money institutions, EME). While banks, payment financial institutions and decentralised financial systems (microfinance) may issue e-money under their existing licences, any other entity wishing to issue e-money must be a dedicated legal person whose corporate purpose is devoted exclusively to that activity and must obtain prior BCEAO approval (agrément/autorisation). The BCEAO processes applications within a maximum of three months. Core obligations: E-money issuers must safeguard customer funds, outstanding e-money in circulation must at all times be backed by equivalent funds, with at least 75% held in sight deposits with banks (the BCEAO may set other thresholds based on the risk profile of an establishment). Issuers are prohibited from granting credit and from paying interest or remuneration on e-money balances. They must maintain and communicate to the BCEAO an up-to-date list of distributors, together with governance and liquidity risk-management arrangements for their distribution networks. Issuers are subject to anti-money-laundering and combating-the-financing-of-terrorism (AML/CFT) obligations, customer due diligence, transaction and balance ceilings set by the Central Bank, consumer-protection and information duties, and reporting/prudential requirements. Supervision and enforcement: The BCEAO grants, suspends and withdraws approvals and supervises e-money issuers, with the WAEMU Banking Commission involved for regulated credit and microfinance institutions. Non-compliance can lead to sanctions including withdrawal of approval. The Instruction remains in force alongside the 2024 payment-services Instruction, which treats electronic money institutions as one category of payment service provider.

1. 1Non-bank e-money issuers must be dedicated single-purpose legal entities and obtain prior BCEAO approval (agrément), processed within a maximum of three months
2. 2Customer funds must be fully safeguarded, with at least 75% of outstanding e-money held in sight deposits at banks
3. 3Issuers are prohibited from granting credit and from paying interest or remuneration on electronic money balances
4. 4Issuers must maintain and report to the BCEAO an updated list of distributors with governance and liquidity risk-management arrangements
5. 5AML/CFT, customer due diligence and BCEAO-set transaction and balance ceilings apply
6. 6Consumer-protection, information and prudential reporting obligations to the BCEAO
7. 7Applies uniformly across all eight WAEMU member states under Regulation 15/2002/CM/UEMOA