- The types of licences available
- The steps in the process
- The real timelines to expect
- The pitfalls to avoid
In this article
01The types of licences available
The BCEAO issues several types of licences for fintech players: Electronic Money Institution (EME), Decentralised Financial System (SFD), and various authorisations for payment activities.
02The steps in the process
The licensing process has 5 stages: preparing the application file, filing with the national BCEAO branch, review by the Regulation Department, opinion of the Monetary Policy Committee, and notification of the decision.
03The real timelines to expect
Despite the official three-month timeline, our field experience shows the full process takes between 8 and 18 months, depending on the quality of the initial file and the nature of the business.
04The pitfalls to avoid
Incomplete files, forecast financial statements that do not meet BCEAO expectations and the lack of a documented AML/KYC framework are the main reasons for rejection.
This article is provided for general information only and does not constitute advice tailored to your situation. Rules change: have your case reviewed by a professional before making any decision.
- BCEAO
- Fintech
- Licence
- EME
- Compliance
Deleky’s Advisory supports financial institutions and fintechs: BCEAO compliance, AML/CFT, risk management and data analysis.
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