The Central Bank of West African States has raised the amount customers may hold with one electronic-money issuer across the West African Monetary Union. Instruction 020 takes effect on 2 November 2026. The aggregate holdings ceiling will increase to CFA4 million.
The existing ceiling is CFA2 million across a customer's accounts with the same issuer. Monthly cumulative top-ups will rise to CFA15 million from CFA10 million. The rules apply across the eight member states of the West African Monetary Union.
LARGER LIMITS COME WITH LIQUIDITY SAFEGUARDS
Electronic-money issuers must keep at least 65% of funds in circulation in immediately available bank accounts. Other permitted placements include accounts with microfinance institutions, government securities and listed corporate securities. The framework is intended to keep customer funds available for redemption.
An issuer that wants to exceed either ceiling must seek prior authorisation from BCEAO and demonstrate stronger transaction monitoring, risk management and controls. The limits do not apply to distributors and acceptors when they act in those capacities. Those distinctions preserve operational accounts used within the payment network.
ISSUERS HAVE WEEKS TO ADJUST
The higher ceilings will give customers more room to retain value and fund transactions through regulated wallets. They also increase the sums for which issuers must maintain liquid backing and effective controls. Providers will need to align their systems and customer limits before the effective date.
The next milestone is 2 November, when the amended limits become operative across the monetary union. Issuer notices and member-state supervisory guidance will show how the transition is implemented in individual markets. Any request to exceed the standard limits will remain subject to BCEAO approval.