West African banks to offer a range of free services in 2014
New measures are expected to come into force next year to reduce the pricing of banking services within the West African Economic and Monetary Union (WAEMU).New measures are expected to come into force next year to reduce the pricing of banking services within the West African Economic and Monetary Union (WAEMU).
The Central Bank of West African States (BCEAO) and the presidents of Professional Associations of Banks and Financial Institutions (APBEF) of the WAEMU region
decided on November 20th
to implement several measures to strengthen public confidence in banking institutions.
They will also aim to improve the efficiency of banking intermediation and promote financial inclusion.
The APBEF will propose a
methodology for determining the base rate for a price decrease on services offered by banks, newspaper Le Soleil reports.
Proposals have also been submitted regarding the implementation of a list of basic banking services that will be offered free or at a lower rate by credit institutions.
In addition, APBEF will propose a
nomenclature for commissions and fees applied by credit institutions to their customers.