BCEAO electronic money regulation reforms

The Central Bank of West African States (BCEAO) has introduced several regulatory changes for the West African Economic and Monetary Union (UEMOA) to enhance financial inclusion and support the Instant Payment System Interoperable Platform (PI-SPI).

On October 4, 2026, the BCEAO announced that national mobile money transfers within the region would become free for daily cumulative amounts up to 8,000 FCFA, effective November 2, 2026. Under this rule, incoming transfers will be free without limits, while outgoing transfers exceeding the daily threshold may incur fees between 0% and 0.8%. The bank estimates this will cover approximately 75% of electronic money transactions in the region.

Further adjustments to electronic money limits, also effective November 2, 2026, include increasing the maximum balance allowed in electronic wallets from 2 million FCFA to 4 million FCFA and raising the monthly cumulative recharge limit from 10 million FCFA to 15 million FCFA. These changes, introduced via Instruction No. 020, apply to identified clients, though professional distributors and acceptors are exempt. Additionally, the reform reduces the minimum proportion of funds issuers must hold as demand deposits in banks from 75% to 65%, allowing for greater resource allocation toward other authorized investments.

To support the digital shift, the BCEAO will mandate that all person-to-person electronic money transactions within the UEMOA region utilize the PI-SPI platform. In preparation, the Côte d'Ivoire Treasury has become the first to fully integrate with the PI-SPI platform, enabling real-time processing of mass payments such as salaries, subsidies, taxes, and social benefits across different financial institutions.