Regulatory evolution in the BCEAO zone

The context of financial inclusion in the WAEMU has evolved considerably over the last 15 years with the development of the offer of mobile money services from 2008, introduced for the first time in Ivory Coast, and which has gradually extended to other countries in the region with a diversification of players and models in particular thanks to technology and Fintech. The arrival of this new offer of financial services accessible from mobile phones and based on a vast network of agents has made it possible to significantly develop financial inclusion in the region and has had consequences for MFIs with both opportunities but also the questioning to a certain extent of the classic operational model of MFIs. The covid pandemic has been a factor in the acceleration of the current changes.

The central bank of the WAEMU, the BCEAO, for its part, emphasizes digital financial services as a driver of financial inclusion in the region.

Furthermore, and in particular because of these developments, the regulatory framework for financial services in general and that governing the activities of MFIs in particular is now outdated and reforms are underway. However, at this stage, the new regulatory texts recently adopted such as that on banking regulations or in preparation are not yet publicly available so that they can be the subject of a training workshop.

In this context where digital financial services are becoming increasingly important, the subject of protecting financial services consumers is becoming a major issue and it also represents a priority for the BCEAO. This training workshop will therefore focus on this topic, both from a regulatory and operational point of view for MFIs. The objective of the workshop is to allow participants to better understand the regulatory provisions which govern the protection of consumers of financial services, including the new UEMOA Directive adopted in June 2023 on consumer protection, new risks faced by users of financial services, and also to discuss how consumer protection should be at the heart of all internal processes of MFIs.