BCEAO governor wants to prevent "potential abuses" within the banking system

Aug 03, 2012

The Governor of the Central Bank of West African States (BCEAO) backed a Senegalese initiative to establish an Observatory for the quality of financial services.

The Governor of the Central Bank of West African States (BCEAO) backed a Senegalese initiative to establish an Observatory for the quality of financial services. "In Senegal, an Observatory for the quality of financial services reports any abuses and irregularities. We will encourage such initiatives in all countries of the WAEMU region," Kone told Jeune Afrique newspaper. He wants to "prevent any abuse" and increase the rate of access to banking services in the WAEMU (Economic and Monetary Union of West Africa), which is only at around 15 percent. To do this, it wants to raise awareness among banks and the general public on the importance of reducing the cost of financial services, which is "often a deterrent. "According to the Senegalese Prime Minister, Abdoul Mbaye, banks have a responsibility in this low rate of access to banking services. He told the newspaper WajFadjri that he believes it is necessary to change cultural habits that see banks charge customers fees for account maintenance on a monthly or quarterly basis. He said: "The cost of deposit is expensive and some clients do not want to pay maintenance fees on their account."