BCEAO opens a FinTech Knowledge and Monitoring Office
Good news for those who want regulation of fintechs. Indeed, the BCEAO is going to open an Office of Knowledge and Monitoring of FinTech (BSCF) according to an official statement published on Thursday, May 5, 2022 on the website.
"As part of its initiatives to promote financial innovations, the Central Bank informs banking and financial sector professionals in the WAEMU that it has set up a FinTech Knowledge and Follow-up Office (BCSF),"says the statement.
The BCSF's mission will consist in promoting the FinTech sector by organizing exchanges between the Regulator and these players, as they have become essential in the digital transformation and the promotion of financial inclusion.
The press release reveals that "the census carried out in the WAEMU, at the end of 2021, has enabled the BCEAO to note that FinTechs are mainly involved in the provision of payment means and services, such as electronic money distribution, money transfer and payment aggregation." These FinTechs also offer digital platforms for e-commerce, data management and financial flows.
To support the development of FinTechs in the Union, the BCSF will in particular be responsible for collecting and processing any request for information or interview with the Regulator as well as any subject of common interest, related to technological innovations and regulation of the financial sector.
Any FinTech professional wishing to use this exchange framework can do so through the following e-mail address: email@example.com
Source : BCEAO
Translate by Kobyo KANABIA