Decision No. 397/12/2010 Issuing Regulations, Tools and Procedures to Implement the BCEAO Monetary and Credit Policy (consumer protection-related)


(enacted in 2010)

Decision No. 397/12/2010, issued in December 2010 by the Central Bank of West African States (BCEAO), establishes regulations, tools and procedures to implement the BCEAO monetary and credit policy throughout the region. Title III lays out the region’s first consumer protection-related rules, primarily related to disclosure and transparency, for credit establishments, of decentralized financing systems (a.k.a. microfinance institutions) and of Government or Post Office financing services.

Title III is organized as follows:

  • Art. 22. Field of application
  • Art. 23. Obligation of Transparency in Pricing and of Consumer Protection
  • Art. 24 Setting the Terms of Debt/Credit
  • Art. 25. Base for Setting Interest Rates for Debt/Credit
  • Art. 26. Setting the Terms of Deposits
  • Art. 27. Contractual Savings Products
  • Art. 28. Commissions Applicable to Transactions Undertaken by Clientele
  • Art. 29. Commission for Transfer Charged for the Benefit of State Public Treasuries
  • Art. 30. Set Compounding Dates
  • Art. 31. Information on the Way of Posting/Advertising the Terms of Credit and Deposits
  • Art. 32. Public Information by Way of the Press
  • Art. 33. Information Communicated to Clients
  • Art. 34. Information for the Central Bank, the Banking Commission of the WAMU and the Consumer Associations
  • Art. 35. Sanctions

DISCLAIMER: This information comes from an informal translation from the French. An informal translation of excerpted passages of Title III is available for download on the right-hand side bar.