• Disciplinary and financial penalties imposed on a bank based in Burkina Faso

At its meeting on 23 September 2024, the WAMU Banking Commission, after hearing the views of the managers concerned, issued a reprimand against a bank based in Burkina Faso. The disciplinary sanction was imposed because of shortcomings in the bank's management and breaches of the laws and regulations applicable to credit institutions. In particular, weaknesses were identified in governance, risk management and the prudential system.

In addition to the aforementioned disciplinary sanction, the bank received a financial penalty of three hundred million (300,000,000) CFA francs, in respect of the aforementioned third category offences, in accordance with the provisions of Instruction No 006-05-2018 of 16 May 2018 setting the terms and conditions for the application of financial penalties imposed by the WAMU Banking Commission on WAMU credit institutions..

This publication is issued for an indefinite period.

• Disciplinary penalty imposed on an electronic money institution based in Ivory Coast

At its meeting held on 23 September 2024, the UMOA Banking Commission, after hearing the officer concerned, pronounced the withdrawal of authorisation as an electronic money institution from the public limited company Africa Digital Finance, Abbreviated ADF, based in Ivory Coast. This disciplinary sanction is motivated by shortcomings in the management of the entity and infringements of legal and regulatory texts applicable to electronic money institutions. In particular, weaknesses were identified in the governance, issuance and distribution of electronic money, information system, the accounting, client protection and anti-money laundering and terrorist financing arrangements of that institution.

In accordance with regulatory requirements, ADF has been struck off the list of electronic money issuing institutions maintained by BCEAO.

This publication is issued for an indefinite period.