Central Bank of West African States (BCEAO) has blocked Orange Money Transfer between UEMOA member states and France due to unauthorized practice.
In an injunction sent to Orange Money offices in Mali, Senegal and Côte d'Ivoire, the national departments of BCEAO in the respective countries ordered Orange Money to put an end, without delay, to the operations of international transfer of money that are outside the scope of the activities that they have been allowed to perform.
BCEAO's monitoring system found that Orange Money offers to the public transfers of funds from Mali, Côte d'Ivoire, and Senegal to France which was not in the initial coverage authorized by the regulator. Approval granted to Orange Money does not cover transfers in foreign currencies, as a result the extension to foreign transfers is a violation of regulatory terms.
The Orange Money team in Mali confirmed the suspension stating that since the decision by BCEAO, the operator no longer has the right to exercise foreign transfers. Transfer services within the UEMOA will however be continued in CFA.
Orange Money in March 2016 obtained the BCEAO approval to become issuer of electronic money in the three countries.