Credit institutions

Licensing

Applications for licensing shall be addressed to the Minister of Finance and filed with the Central Bank for assessment. The Central Bank verifies whether the legal entities requesting a license meet the conditions and obligations set forth in Articles 25, 26, 29, 34, and 36 of the Banking Regulation Law. It ensures that the corporate form of the company is suitable for the operations of a bank or a financial institution of a banking nature.

The Central Bank examines, in particular, the company's business plan, the technical and financial resources it plans to deploy, and its plan for developing a network of branches, offices, or counters at both national and Community levels. It also assesses the applicant company's ability to achieve its development objectives under conditions compatible with the sound functioning of the banking system and adequate consumer protection.

The Central Bank shall obtain all necessary information regarding the suitability of the shareholders providing the capital and, where applicable, their guarantors, as well as the integrity and experience of the persons designated to direct, administer, or manage the credit institution and its branches.

The license is issued by order of the Minister of Finance, subject to the prior approval of the WAMU Banking Commission.

The license is deemed denied if it is not issued within six (6) months of the receipt of the application by the Central Bank, unless otherwise notified to the applicant.

The license may be limited to the performance of certain operations defined by the applicant's corporate purpose.

The license is confirmed by registration on the list of banks or on the list of financial institutions of a banking nature.

These lists are established and kept up to date by the WAMU Banking Commission, which assigns a registration number to each bank or financial institution of a banking nature.

The list of banks and the list of financial institutions of a banking nature, as well as any amendments thereto, including removals, are published in the Official Journal of the State concerned at the behest of the WAMU Banking Commission.

Financial institutions of a banking nature classified in one category may not engage in the activities of another category without prior authorization granted under the same conditions as licensing.

Application for establishment

A credit institution that has been licensed in a WAMU Member State and wishes to open branches and/or subsidiaries in one or more other Member States under the scope of this license must, prior to opening said branches and/or subsidiaries, declare its intent. This declaration of intent shall be sent to the WAMU Banking Commission and filed with the Central Bank.

The Central Bank shall forward a copy of the declaration to the Minister of Finance of the host Member State and to the Minister of Finance of the home Member State for information.

The Central Bank shall specify, by way of instruction, the information to be included in the declaration and the supporting documents to be attached thereto. These shall notably include a presentation of the establishment project, detailing the planned activities, management team, organizational structure, internal control framework, and, where applicable, the provision of the minimum capital required prior to the commencement of operations.

The declaration of intent is reviewed by the WAMU Banking Commission. The authorization or refusal of establishment is notified by the Banking Commission, which shall provide prior notice to the Minister of Finance of both the home country and the host country of the credit institution.

The authorization or refusal of establishment shall be notified within three (3) months from the date of filing the declaration of intent and the complete application file with the Central Bank.

The authorization of establishment is recorded by registration on the list of banks or on the list of financial institutions of a banking nature, under the conditions defined above.

Banks and financial institutions of a banking nature must display their registration number on the list of banks or on the list of financial institutions of a banking nature, under the same conditions, on the same documents, and subject to the same penalties as those applicable to the Trade and Personal Property Credit Register (RCCM).

Decentralized Financial Systems 

Licensing applications shall be addressed to the Minister of Finance and filed with the competent ministerial supervisory body for review.

The license is granted by order of the Minister of Finance, subject to the prior approval of the Central Bank.

Electronic Money Institutions 

The application file for licensing or authorization shall be filed, for review, with the National Directorate of the BCEAO of the Member State where the applicant institution is domiciled.

The licensing or authorization is granted via a Decision of the Governor of the Central Bank and notified in writing to the applicant. The Central Bank shall inform the Minister of Finance of the State where the beneficiary is domiciled of this decision.