UEMOA's Banking Commission monitoring the implementation of reforms on free banking services
Nineteen banking services are free since October 1, 2014.The Banking Commission of the Economic and Monetary Union of West Africa (UEMOA) is monitoring the implementation of the reforms on free banking services launched in 2014 by the Central Bank of West African States (BCEAO), it was announced this week.
"In principle, banks should apply the measures of free banking services decided by the BCEAO. One thing is to take these steps, another thing is to ensure their implementation," said governor Tiémoko Meyliet Koné on March 4th in Dakar, quoted by the newspaper Lejecos .
He added that if the measures are not implemented, some "financial and disciplinary sanctions" will follow, depending on the severity of the measures that have not been applied.
Nineteen banking services are offered free of charge by banks operating in the WAEMU since October 1, 2014.
The BCEAO said 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.
Free services 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 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 are also included in the free services.