This Central Bank of West Africa States (BCEAO) instruction regulates the terms and conditions of the exercise of issuing and electronic money management in the member nations of the West African Monetary Union. As such, it sets the conditions for granting authorization for electronic money institutions and the licensing of the issuance of electronic money activities for decentralized financial systems. In addition, this Instruction specifies the control and supervision of the activities of issuers.
The provisions of this instruction apply to the following institutions: banks, financial payment institutions, decentralized financial systems, and electronic money institutions. It governs all uses of electronic money regardless of medium, including card, internet, telephone, except those limited to the subsidiaries of the issuer institution or restricted to the purchase of goods and services previously determined with it.
The instruction covers the topics of:
1. Terms and Conditions for Approval or Permission to Exercise Electronic Currency Issue Activities
2. General Terms and Conditions of the Exercise Electronic Currency Issue Activities
3. Specific Terms and Conditions Applicable to Electronic Money Institutions
4. Provisions Relating to the Protection of Holders Electronic Money