Decentralized Financial Systems Law – NOT YET FULLY OPERATIONAL
(enacted in 2007)
The Decentralized Financial Systems Law of 2007 (Projet de Loi Portant Réglementation des Systèmes Financiers Décentralisés) was enacted by the Council of Ministers of the West African Economic and Monetary Union (WAEMU) to establish regulations for decentralized financial systems, also referred to as microfinance institutions. This law will be operational once adopted by all eight member countries and will replace the PARMEC law of 1993.
This law addresses the following topics:
- the scope of regulations for decentralized financial systems;
- provisions common to decentralized financial systems;
- offenses and sanctions;
- provisions specific to mutual or cooperative savings and credit institutions; and
- provisions specific to other decentralized financial systems.
DISCLAIMER: Due to the fact that an official English translation was unavailable for this law, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.