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Lowering the cost of payments and money transfers in UEMOA (English)

This policy note had two principal objectives: the first is to identify opportunities for and barriers to reducing the cost of money transfers between and within West African Economic and Monetary Union (UEMOA) member countries. The second objective is to identify means of further extending the reach of modern payment services and promoting access to basic transactional services to a much broader cross section of the population than the current user base. Lowering cross-border transaction costs in any monetary block or trade corridor is an important step in encouraging greater trade and enhanced use of formal financial services. The eight UEMOA countries use a common currency, the CFA Franc (FCFA). The currency is controlled and issued by the region's central bank, BCEAO. Additionally, UEMOA has a common modern payments infrastructure, which ought to facilitate widespread access to basic transactional payment instruments and transmission circuits.

Details

  • Author

    Musuku, Thilasoni Benjamin Malaguti, Maria Chiara Mason, Andrew McEwen Pereira, Ceu

  • Document Date

    2011/07/01

  • Document Type

    Brief

  • Report Number

    63811

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Western Africa,

  • Region

    Africa,

  • Disclosure Date

    2011/09/06

  • Disclosure Status

    Disclosed

  • Doc Name

    Lowering the cost of payments and money transfers in UEMOA

  • Keywords

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Citation

Musuku, Thilasoni Benjamin Malaguti, Maria Chiara Mason, Andrew McEwen Pereira, Ceu

Lowering the cost of payments and money transfers in UEMOA (English). Africa trade policy notes ; no. 23 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/221361468338490484/Lowering-the-cost-of-payments-and-money-transfers-in-UEMOA