The West African Monetary Union's banking commission supervision college has imposed disciplinary and financial sanctions on several credit institutions.
During its 152nd session on March 17 and 18, 2026, the college issued a reprimand and a 300 million CFA francs fine to three banks operating in Togo, Niger, and Mali. These banks were found to have violated legal and regulatory provisions, with recurring deficiencies in governance and risk management. The Togolese bank also faced issues with prudential standards and anti-money laundering and counter-terrorism financing measures.
The Nigerian and Malian banks similarly showed significant weaknesses in governance, risk management, and compliance with anti-money laundering and counter-terrorism financing requirements. Additionally, two financial institutions, ZEYNA in Niger and Société Burkinabè de Crédit Automobile SOBCA in Burkina Faso, had their licenses revoked and were placed into liquidation. ZEYNA was cited for widespread banking regulation infractions, non-compliance with anti-money laundering and counter-terrorism financing rules, unauthorized activities in other Union countries, and inadequate reporting.
SOBCA's license withdrawal was due to widespread breaches of prudential regulations, non-compliance with supervisory authority injunctions since 2022, and no viable recovery prospects. These actions underscore the Union's commitment to strengthening financial sector oversight and combating illicit financial activities
This summary was AI-generated from a story originally published by Lefaso.net.
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The Central Bank of West African States BCEAO has issued a warning to the public regarding the circulation of information on social media about alleged counterfeit banknotes and unrecognised identification methods. In a statement released on Friday, August 21, 2026, the central bank cautioned against the risks associated with using unvalidated authentication techniques. These methods, according to the BCEAO, can confuse users and lead to detrimental outcomes, such as accepting counterfeit notes or, conversely, unjustly rejecting authentic ones. The BCEAO advises citizens, merchants, and other currency users to rely exclusively on information published by the BCEAO, particularly in the "Banknotes and Coins" section, to learn about the genuine security features for verifying the authenticity of currency in circulation within the West African Monetary Union UMOA. The central bank reiterated that viral information is not necessarily reliable for banknote authentication. It stressed that in an environment where social media accelerates the spread of potentially erroneous content, prudence and recourse to official sources remain the best approaches. The BCEAO also stated its right to pursue legal action against those responsible for communications that could undermine public confidence in the banknotes and coins it issues.
During a seminar in Dakar on July 21-22, 2026, the Central Bank of West African States BCEAO informed economic journalists from the West African Monetary Union UMOA about the uniform law on counterfeiting and other offenses against monetary signs. Thierry Ahouanvoedo, head of the institution's Fiduciary Analysis and Production Department, highlighted that protecting currency extends beyond combating fake banknotes to include everyday actions. The law prohibits unauthorized reproduction, advertising use, marking, deliberate degradation, and charging commissions on certain banknote exchanges. Banknotes are not to be written on, drawn on, used as advertising, or treated as decorative items. Such actions can lead to sanctions as they affect the integrity and circulation of currency. The BCEAO emphasizes that any reproduction of a banknote requires prior authorization. Using banknotes for advertising without permission is also forbidden. Practices like writing phone numbers on banknotes, which can render them unfit for circulation, are discouraged as they increase costs for the central bank. The BCEAO urges the public to care for banknotes, as repeated folding, staining, marking, writing, and stapling accelerate wear. The bank also addressed the practice of charging commissions for exchanging new or small-denomination banknotes, stating that this is an undue gain and is sanctioned by regulations. Furthermore, the long-term removal of small coins from circulation, such as using the