The Central Bank of the West African States signed, on 8 October, an instruction easing the limits on electronic wallets in the West African Monetary Union. Benin and the seven other member states are affected. The text will take effect on 2 November 2026.
Two caps for two uses
The reform covers two different limits: the amount held in the account and the sums paid into it during the month. The first cap is doubled, from 2 to 4 million FCFA. The second rises by 50%, from 10 to 15 million FCFA.
This distinction helps explain what the measure changes. A user can receive funds, spend part of them and then top up their wallet. Their successive payments feed the monthly cumulative total, while their balance measures the money still available at a given moment.
Example: two wallets each showing 2.5 million FCFA with the same issuer represent a total of 5 million. The new cap of 4 million would be exceeded. Multiplying instruments with the same issuer therefore does not multiply the authorised capacity.
A framework that remains tied to identification
The 2015 arrangement already required customer identification on presentation of a valid official document before the account was opened. It also provided for a contract specifying the permitted uses, the caps, the responsibilities of the parties and the procedures for disputing transactions.
This framework distinguishes electronic money from a simple technical telephony service: the units issued correspond to funds received by the institution. The 2015 text notably requires an electronic receipt for transactions, showing their reference, amount and fees, as well as a mechanism for handling complaints.
Issuers' liquidity also under review
The instruction of 8 October also amends the rules for investing the funds that back electronic money in circulation. The minimum share held in sight deposits falls from 75% to 65%. The remainder must stay within the authorised asset categories.
Distributors and merchant acceptors acting professionally are not subject to customer caps. An exceedance for an identified user remains possible with prior authorisation from the BCEAO.