West African Monetary Union sanctions three banks with 300 million CFA francs fine each, two financial institutions removed from market
via Lefaso.net7 min read
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
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