Credit institutions

Approval

Applications for approval are sent to the Minister of Finance and filed with the Central Bank, which examines them. The latter verifies whether the legal entities requesting approval meet the conditions and obligations set out in Articles 25, 26, 29, 34 and 36 of the Banking Regulation Act. It ensures that the legal form of the company is suitable for the activity of a bank or a financial institution of a banking nature.

The Central Bank examines in particular the activity programme of this company and the technical and financial means that it plans to implement, as well as its plan for developing the network of branches, agencies or counters, at national and community level. It also assesses the applicant company's ability to achieve its development objectives, under conditions compatible with the proper functioning of the banking system and sufficient customer protection.

The Central Bank obtains all information on the quality of the persons who provided the capital and, where applicable, on that of their guarantors, as well as on the integrity and experience of the persons called upon to direct, administer or manage the credit institution and its branches.

The approval is issued by order of the Minister responsible for Finance, after the approval of the WAMU Banking Commission.

The approval is deemed to have been refused if it is not issued within six (6) months from receipt of the application by the Central Bank, unless otherwise notified to the applicant.

The approval may be limited to the exercise of certain operations defined by the corporate purpose of the applicant.

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

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

The list of banks and that of financial institutions of a banking nature, as well as the modifications to which they are subject, including deletions, are published in the Official Journal (of the State concerned), at the diligence of the WAMU Banking Commission.

Financial institutions of a banking nature, classified in one category, cannot exercise the activities of another category without prior authorization granted as in matters of approval.

Application for installation

A credit institution that has obtained approval in a WAMU Member State and that wishes to open branches and/or subsidiaries in one or more other Member States that would benefit from this approval must, prior to the opening of said branches and/or subsidiaries, notify its intention in the form of a declaration. The declaration of intention is sent to the WAMU Banking Commission and filed with the Central Bank.

The Central Bank sends a copy of the declaration to the Minister of Finance of the host country and to the Minister of Finance of the home country, for information.

The Central Bank determines, by way of instruction, the information that the declaration must contain as well as the documents to be attached to it, in particular, a presentation of the implementation project including in particular information on the planned activities, the managers, the organizational structure, the organization of internal control and, where applicable, the constitution of the minimum capital required before the start of activities.

The declaration of intent is instructed by the WAMU Banking Commission. The authorization or refusal of installation is notified by the Banking Commission, which informs in advance the Minister responsible for Finance of the country of origin and the host country of the credit institution.

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

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

Banks and financial institutions of a banking nature must include their registration number on the list of banks or on that of financial institutions of a banking nature, under the same conditions, on the same documents and under penalty of the same sanctions as in the Trade and Credit Register Furniture.

Decentralized Financial Systems 

Approval applications are sent to the Minister of Finance and filed with the ministerial monitoring structure that examines them.

Approval is granted by order of the Minister of Finance, after receiving the approval of the Central Bank.

Electronic Money Institutions 

The application file for approval or authorization is filed, for instruction, with the National Directorate of the BCEAO of the State in which the requesting institution is domiciled.

The approval or authorization is pronounced by Decision of the Governor of the Central Bank and notified in writing to the applicant. The Central Bank informs the Minister responsible for finance of the State in which the beneficiary is domiciled of this decision.