The West African Monetary Union Banking Commission imposed reprimands and fines of XOF 300 million each on three unnamed banks operating in Niger, Côte d’Ivoire and Burkina Faso. The commission identified breaches of legal and regulatory requirements involving governance, risk management and controls against money laundering, terrorist financing and proliferation financing. The banks in Niger and Côte d’Ivoire also had weaknesses in prudential standards. The violations were classified as second- and third-category offenses under the commission’s framework for financial penalties. In a separate action, the commission withdrew the financial institution license of Senegal-based Compagnie Ouest Africaine de Crédit-Bail, known as LOCAFRIQUE, removed it from the list of licensed institutions and placed it into liquidation. LOCAFRIQUE’s license was withdrawn because it had not produced a required recovery plan and remained broadly noncompliant with prudential rules. The commission also cited negligible credit activity, no viable short- or medium-term recovery prospects, irregular and late regulatory reporting since 2024, insolvency and negative net assets at the end of December 2024.
Central Bank of West African States2026-08-06
West African Monetary Union Banking Commission fines three banks XOF 900 million and withdraws LOCAFRIQUE’s license
The West African Monetary Union Banking Commission reprimanded three banks in Niger, Côte d’Ivoire and Burkina Faso and fined each XOF 300 million for regulatory failings. It also withdrew LOCAFRIQUE’s license and placed the Senegal-based institution into liquidation because of persistent prudential breaches, insolvency and the absence of a viable recovery plan.