{
  "id": 14188264,
  "title": "West Africa’s new mobile money rules could change who holds deposits",
  "url": "https://urgent.news/2026/10/13/west-africas-new-mobile-money-rules-could-change-who-holds-deposits",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T11:02:10.000Z",
  "source": {
    "name": "TechCabal",
    "slug": "techcabal",
    "url": "https://techcabal.com/2026/10/13/francophone-weekly-by-techcabal-044/"
  },
  "original_language": "en",
  "account": "West Africa's central bank has introduced new mobile money regulations that could significantly impact who holds deposits across the eight countries of the West African Economic and Monetary Union (UEMOA). The Instruction No. 020, signed by Governor Jean-Claude Kassi Brou on October 8, 2026, modifies the framework that was in place since 2015 for electronic money institutions (EMEs).\n\nThe main change is that clients can now hold up to 4 million CFA francs (approximately $6,850) in a mobile money wallet, compared to the previous limit of 2 million CFA francs ($3,425). Additionally, the cumulative monthly recharges from the same client with the same issuer cannot exceed 15 million CFA francs ($25,700) per month, up from 10 million CFA francs ($17,100) previously. However, these limits do not apply to distributors or acceptors who operate within their professional activities.\n\nThe regulation also provides for two exceptions. An issuer can request authorization from the BCEAO to exceed either limit, specifying the reasons, duration, sought limit, and additional controls. The BCEAO can attach conditions, limit the duration, or withdraw its approval. Article 34 specifies that the client's counterparties - the actual money backing the electronic money in circulation - must be placed in time and term deposits with banks, microfinance institutions (IMF), or instruments guaranteed by states, regional institutions, or companies listed on the Regional Stock Exchange for Mobile Values (BRVM). At least 65% of the electronic money's outstanding amount must be in time deposits, up from 75% under the previous rules.\n\nThis new regulation primarily benefits a more restricted group of users: merchants who settle stock purchases in one go, small businesses managing cash flow through wallets, households linked to the diaspora receiving large sums, and those paying school fees, rents, or property taxes. For them, the old 2-million-franc limit was never binding, and the new 4-million-franc limit will not be more restrictive. The change from 2 million to 4 million frances in 2015 was more about catching up with reality than a reform.\n\nRegis Bamba, co-founder of Djamo, an Ivorian fintech offering digital accounts, payments, savings, and investment services across Francophone Africa, explains that for his clients - entrepreneurs, freelancers, families - this change marks the end of a constraint that no longer aligns with their daily lives.",
  "summary": "West Africa's central bank has doubled the amount customers can hold in mobile money wallets to FCFA 4 million ($6,850), while raising monthly top-up limits and relaxing rules on how issuers manage customer funds. The changes, which take effect on November 2, could make mobile wallets more useful for small businesses and households, give fintechs more opportunities to earn from customer funds,…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}