The Central Bank of West African States (BCEAO) has announced new regulations for mobile money services in the West African Economic and Monetary Union (UEMOA) region, which includes Senegal. As of November 2, 2026, customers will be able to hold up to 4 million FCFA in electronic money with a single issuer, an increase from the current limit of 2 million FCFA. This change aims to provide more flexibility and convenience for users.
The new regulations also introduce changes to the recharge limits for mobile money accounts. The cumulative monthly recharge limit will increase from 10 million FCFA to 15 million FCFA. These changes are designed to accommodate the growing demand for mobile money services in the region. The BCEAO has also emphasized the importance of maintaining the stability and security of the financial system.
In addition to the increased limits, the BCEAO has introduced new rules for transfers between individuals. As of November 2, 2026, national transfers up to 8,000 FCFA per day will be free of charge, provided they are made through the PI-SPI platform. This platform, launched in 2025, aims to facilitate instant payments and improve the efficiency of transactions.
The new regulations also outline the conditions for transfers between countries in the UEMOA region. As of June 1, 2027, transfers between countries will be subject to the same rules as national transfers, with a free charge for transactions up to 8,000 FCFA per day. The BCEAO has emphasized that these changes are intended to promote financial inclusion and facilitate economic integration in the region.
The BCEAO has also introduced new requirements for the management of client funds. At least 65% of the assets must be kept in sight deposits to ensure that withdrawals can be made at any time. This measure aims to guarantee the security and stability of the financial system.
Several mobile money operators, including MTN Mobile Money, have begun to inform their customers of the changes. However, the specific conditions and fees applied by each operator in Senegal remain to be determined. The BCEAO has also announced the opening of its financial innovation laboratory to fintech companies, aiming to promote innovation and development in the sector.
The new regulations are expected to have a significant impact on the mobile money market in Senegal and the UEMOA region. The changes aim to promote financial inclusion, improve the efficiency of transactions, and enhance the security of the financial system. As the region continues to evolve, it is likely that mobile money services will play an increasingly important role in the economy.
Key points
- The BCEAO has increased the limit for holding electronic money to 4 million FCFA per client.
- National transfers up to 8,000 FCFA per day will be free of charge via the PI-SPI platform.
- The new regulations aim to promote financial inclusion and facilitate economic integration in the UEMOA region.
