Instruction n°001-01-2024 du 23 janvier 2024 relative aux services de paiement dans l'Union Monétaire Ouest Africaine (Instruction No. 001-01-2024 of 23 January 2024 on Payment Services in WAMU)

BCEAO Instruction No. 001-01-2024 of 23 January 2024 is the new, comprehensive regional framework regulating the provision of payment services across the eight WAEMU member states. Adopted under the new uniform banking law of the Union, it was the most significant fintech-payments reform in WAEMU in a decade and is widely seen as bringing the Union's many payment fintechs into a formal licensing perimeter. It is recorded here under Côte d'Ivoire but applies uniformly region-wide (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo). Scope and applicability: The Instruction governs the supply of payment services by 'payment service providers' (PSPs), banks, credit institutions, microfinance institutions, electronic money institutions, and a newly created category of 'établissement de paiement' (payment institution). Payment services covered include: cash deposits/withdrawals and account operations; execution of payment transactions (transfers, direct debits, card payments); funds-transfer (remittance) operations; payments via any means of communication; issuance of payment instruments; acquiring of payment transactions; payment-initiation services; and account-aggregation/account-information services. Licensing and capital: Payment institutions may provide payment services only after obtaining BCEAO approval (agrément) for services (a) to (g), and after prior registration with the BCEAO for account-aggregation (item h). Applicants must be incorporated in a member state as a public limited company (SA), limited liability company (SARL) or cooperative, single-shareholder companies are not permitted, and must hold fully subscribed and paid-up minimum capital, fixed according to the service offered, ranging from 10 million to 100 million FCFA (the approval decision may set a higher minimum). Core obligations and prohibitions: Payment institutions are prohibited from, among other things, granting credit, remunerating payment accounts, and using distributors to provide payment services. Client funds must be safeguarded, at least 30% held permanently in sight deposits with banks/microfinance institutions, with placements in term deposits and short-dated member-state securities capped (no more than 25%). PSPs must comply with AML/CFT, external-financial-relations, consumer-protection and personal-data rules, and must join the Professional Association of Payment Institutions and Electronic Money Institutions within one month of approval. Existing providers were given a transition period (initially six months, later extended to 31 August 2025) to obtain approval or registration. The BCEAO grants approvals and supervises compliance.

1. 1Creates a new 'payment institution' (établissement de paiement) category and defines eight payment services, from account operations to payment initiation and account aggregation
2. 2BCEAO approval (agrément) required for core payment services (a - g) and prior registration for account-aggregation (h)
3. 3Minimum fully paid-up capital of 10 - 100 million FCFA depending on the service, with the BCEAO able to require more
4. 4Must be incorporated in a member state as an SA, SARL or cooperative; single-shareholder companies prohibited
5. 5Prohibitions on granting credit, remunerating payment accounts, and using distributors
6. 6Client-fund safeguarding: at least 30% in sight deposits; term deposits and member-state securities capped at 25%
7. 7Mandatory membership of the Professional Association of Payment and E-Money Institutions; AML/CFT, consumer-protection and data-protection compliance; transition deadline of 31 August 2025 for existing providers