The Central Bank of West African States (BCEAO) has today taken important measures (see press release below) for the promotion of electronic payments as part of the support in the fight against the spread of COVID -19 including free payment of water and electricity bills, via mobile telephony, for amounts less than or equal to 50,000 CFA francs, as noted in a press release from the institution headed by the Ivorian Tiemoko Meyliet Koné .

In addition, the BCEAO yesterday confirmed the information revealed on March 26 by KOACI (see associated article, editor's note). Indeed, as of March 27, 2020, auctions on BCEAO tender windows will be set at a rate of 2.50%, its lowest intervention rate.

It explains that, through this operation, it satisfied all the liquidity needs expressed by the banking system, for an amount of 4,332.5 billion.

The outstanding amount of resources made available to banks thus stands at 5,082.5 billion CFA francs.

Finally, the BCEAO reiterates the invitation made to the banking system to reflect the easing of financing conditions in the rates for loans to its customers.

Communicated

As part of the implementation of the measures taken on March 21, 2020, the Central Bank of West African States (BCEAO) informs the public that it is continuing its actions to support the efforts of the public authorities of the States. members of the Union in the fight against the spread of COVID-19.

In this regard, the BCEAO, the entire banking community and electronic money institutions in the Union have taken new measures to encourage people to limit physical contact through the use of digital payments.

The measures taken relate to:

1. free, nationwide, transfers of electronic money between people for amounts less than or equal to 5,000 CFA francs, including transfers from bank accounts to electronic purses, and vice versa;

2. free payment of water and electricity bills, via mobile telephony, for amounts less than or equal to 50,000 CFA francs;

3. the removal, by e-money issuers, of commissions paid by merchants on merchant payments, backed by e-money;

4. the reduction by 50%, by banks, of commissions paid by merchants on merchant payments, backed by the card in the network of the Interbank Electronic Banking Group of the West African Economic and Monetary Union (GIM-UEMOA);

5. raising the ceiling for reloading the electronic purse from two (2) to three (3) million FCFA and the cumulative monthly reloading from ten (10) to twelve (12) million FCFA. This measure is only applicable to regularly identified customers;

6. 50% reduction in fees applied to customer bank transfers processed via the WAEMU Automated Interbank Clearing System (SICA-UEMOA);

7. relaxation of the conditions for opening electronic money accounts. As such, issuers of electronic money are authorized to activate electronic purses on the basis of mobile telephone data, subject to obtaining the customer's agreement by any means and carrying out the due diligence related to the remote identification, within regulatory limits;

8. 50% reduction in bank card withdrawal fees in the GIM-UEMOA regional network.

Furthermore, the Central Bank urges the banking community to ensure the availability and quality of services at ATMs and electronic payment terminals.

These measures come into force from April 3, 2020, for a period of thirty (30) days, renewable according to the evolution of the health situation.

While thanking the banks and electronic money institutions for their support in the fight against the epidemic, the BCEAO reiterates its invitation to the populations of the Union to scrupulously respect the health rules laid down by the public authorities of the States. and to favor the use of electronic payments.