BCEAO announces that 19 banking services will soon be free of charge in the WAEMU region

Jul 15, 2014

The Central Bank of West African States (BCEAO) has announced that 19 banking services offered by banks operating in the West African Economic and Monetary Union (WAEMU) will be free of charge from October 1st, 2014.

The Central Bank of West African States
(BCEAO) has announced that 19 banking services offered by banks operating in the West African Economic and Monetary Union (WAEMU) will be free of charge from October 1st, 2014.

Tiémoko Meyliet Koné, the governor of the BCEAO, said in a statement that this initiative is part of
an effort
to strengthen
financial inclusion and boost access to banking services and credit within Member States of the WAEMU region.

The objective is to achieve a gradual reduction and rationalisation of banking conditions applied to customers.

Services that become free include opening, operating and monitoring of bank accounts, as well as several payment means and online banking.

Banks operating in the eight WAEMU Member States will also set up a savings account, send a statement and a summary of the annual fee - all free of charge.

Cash deposits and withdrawals within the customer's bank will also be included in the free services.

Mr Koné also mentioned a second phase of the process, "which concerns services to be charged moderately", that will "be unveiled when the timing is right".ADNFCR-2976-ID-801735226-ADNFCR