BCEAO and APBEF to promote free banking services in the WAEMU

May 14, 2014

The Central Bank of West African States (BCEAO) and professional associations of financial institutions (APBEFs) are working together to make banking services accessible to the greater public.

The Central Bank of West African States (BCEAO) and professional associations of financial institutions (APBEFs) are working together to make banking services accessible to the greater public.

They plan to set up free and low cost
banking services in a bid to strengthen the financing capacity of economies in
the
West African Economic and Monetary Union (WAEMU). The long-term objective is to enhance financial inclusion, banking and consumer protection, newspaper Le Soleil reports.

The Governor of the BCEAO, Tiémoko Meyliet Koné, emphasized during a meeting at the headquarters of the BCEAO the importance of developing a harmonized framework for costs and fees charged to customers, as well as increasing transparency on the base rate determination process.

He also urged the presidents of APBEFs to further consolidate their own funds in order to strengthen their capacity to finance the economies of the union.

In addition, he recalled the work undertaken by the Central Bank for an effective transition from the laws in the WAEMU to the new international standards of Basel II and III, adding that efforts are expected from all stakeholders for the pragmatic application of these standards.ADNFCR-2976-ID-801720032-ADNFCR