By Moussa Sylla
During its December 2024 session, the Council of Ministers of the UEMOA adopted Regulation 06/2024/CM/UEMOA on external financial relations of the Union. This third version replaces Regulation 09/2010/CM/UEMOA.
Chronology of the RFE
The regulation 06/2024 is a major regulation within the UEMOA zone. It governs the execution of international transfers, the repatriation of export revenues, the opening of accounts for non-residents, and the opening of foreign currency accounts for residents. An importer who wishes to pay its suppliers abroad is required to comply with the provisions of the regulation and its implementing instructions. This requires the submission of a number of documents, depending on the nature of the transaction, to the authorized intermediary. On their part, banks, before executing a transfer abroad, must verify the compliance of the documents with those required by the aforementioned regulations.
The implementing instructions of Regulation 06/2024, numbering 15, were published in July 2025. They specify the operational modalities of this regulation.
Some major innovations of the new RFE
Redefinition of residents: only individuals or legal entities whose main center of interest is within the UEMOA zone are now considered residents. Henceforth, residents of the CEMAC zone, the Comoros Islands, and France are excluded, unlike in the previous version. A Senegalese working in Italy is a non-resident within the meaning of the RFE. A Moroccan working in Côte d’Ivoire is a resident within the meaning of the RFE.
Clarification of the definition of usual and personal travel expenses concerning the use of cards abroad: these include transportation expenses, accommodation expenses, and payments for goods and services acquired for personal use or as gifts. These expenses do not cover expenses for goods intended for resale, valuables, durable consumer goods, and others that exceed customs thresholds.
Opening of accounts for non-residents: any account opening for non-residents now requires prior approval from the Central Bank, regardless of the currency. Previously, accounts in CFA francs and euros were opened under the bank’s responsibility. Instruction 009-07-2025 specifies the due diligence required for these account openings. However, UEMOA nationals residing abroad receive the same treatment as residents for opening an account in CFA francs.
Supply of foreign currency accounts: these accounts can only be credited in the currency of the account.
Domiciliation of imports and export of services: imports and exports of services must be domiciled. In the previous version, only tangible goods were subject to domiciliation. Also, the domiciliation threshold for imports of goods and services has been raised from 10 to 20 million CFA francs. Furthermore, temporary exports of gold must be domiciled in a bank’s books. Clearance of import files: importers and authorized intermediaries are now jointly responsible for compliance with the rules related to the clearance of import domiciliation files. Indeed, it is specified in Annex 2: “Importers and authorized intermediaries are jointly responsible for strict compliance with the rules governing the clearance of import domiciliation files of goods.” However, the control and clearance of these files must be carried out by the bank, according to the provisions of Article 7 of Instruction 002-07-2025.
Use of bank cards abroad: the use of standard or prepaid cards to pay for goods is strictly prohibited.
Conditions for the delivery of currencies: the conditions related to the payment of imports in foreign currencies are now specified in Instruction 002-07-2025 relating to the domiciliation and settlement of imports of goods and services. At the same time, in Instruction 013-07-2025, the necessary documents for the execution of transfers, according to their nature, are specified.
Distinction between current operations and capital operations:
The RFE distinguishes:
– Current operations, which can be freely executed by the bank subject to obtaining the necessary justifications. An import of goods (rice, computers) is a current operation;
– Capital operations, which require either authorization from the Minister of Finance for foreign investment operations by residents, or, in addition to the Minister’s approval, after the BCEAO’s favorable opinion, any loan, guarantee, or credit granted by a resident to a non-resident and acquisition of claims on a non-resident. Capital operations require either an exchange authorization or an exchange form depending on the nature of the transfer (see Annex 3 of Instruction 013-07-2025).
Transfer execution deadline: banks are required to execute their clients’ transfers within a period of five (5) working days from the date of the request, according to the provisions of Article 6 of Instruction 013-07-2025. In case of missing documents, the rejection must be communicated to the client.
Clarifications on currency delivery and certain current transfers
Possibility of paying for an import at 100%
An international transfer to pay for an import can only be executed at 100% if the goods have arrived in the customs territory of the UEMOA zone or if the air waybill (AWB) or bill of lading is available. Otherwise, only a deposit representing a maximum of 50% of the amount can be paid to the supplier, and this must be specified on the invoice.
If the goods have not arrived in the customs territory of the UEMOA zone or if the AWB or bill of lading is not available, the transfer can only be executed at 100% in the case of opening a documentary credit. In this case, the goods must be shipped to the importing country within a maximum of eight (8) working days.
This last point is important: an awareness effort must be made by banks towards their clients.
Previously, a certain practice allowed banks to pay up to 80% of a deposit, even if the regulations were silent. Now, with the 50% limit, it is essential to communicate this information to importers so that they take it into account in their negotiations with their suppliers. In this regard, in our bank, we frequently send awareness emails so that our importing clients understand the measure.
Transfers concerning family allowances (a common case is financing studies for students abroad)
In this case, the following documents are required:
– Residence certificate or residence permit abroad of the beneficiary;
– Justifying documents of expenses to be covered (rent, tuition fees, …);
– Exchange form duly signed by the client and the authorized intermediary.
Let’s take the example of a parent who wants to send money to their child studying abroad. They must provide the bank with documents proving that the beneficiary is a student and their proof of residence abroad.
Transfers concerning service provisions outside the UEMOA zone
Let’s focus on service provisions. In the previous regulation, R09, domiciliation was not required for exports and imports of services, which is no longer the case. Service provisions amounting to twenty (20) million CFA francs or more must be domiciled with an authorized intermediary. At the same time, the service provision contract must be registered with the competent authority, in this case, the General Directorate of Taxes and Domains (DGID), in the case of Senegal.
Consequences of non-compliance with the RFE
Violations of Regulation 06/2024 are punishable by the law on the litigation of offenses to the regulation of external financial relations (RFE) in the UEMOA and can lead to the withdrawal of accreditation. At the same time, the banking regulation law dedicates Article 241 to the sanctions reserved for banks in case of non-compliance with the provisions of the RFE.
According to the provisions of the aforementioned article of the banking regulation law, if an accredited establishment does not repatriate its export revenues or commits offenses, such as a failure to declare, the Central Bank can impose a non-interest-bearing deposit. This deposit may correspond to the amount not repatriated or reach up to 200% of the amount of irregular operations, for a maximum period of one month. In case of delay, a late interest of 1% per day applies, and an additional pecuniary sanction, capped at the amount of the offense, may also be imposed.
If the sanctions are published nominatively, this will also entail a reputational risk for the guilty structure. The amounts of transfers abroad can be significant, which, in turn, also increases the amount of the pecuniary sanction. The commissions obtained will not offset the amount of potential sanctions.
Importance of complying with Regulation 06/2024/CM/UEMOA
Foreign exchange reserves are a strategic resource that must be used in strict compliance with R06 and its implementing instructions. Failing to do so, for the UEMOA zone, may lead to difficulties in paying for imports and external debts, which can have major economic consequences.
Moreover, breaches are severely punished by the Banking Commission and the Central Bank. In fact, it is indicated in the report of the 151st session of the Supervisory College of the Banking Commission:
“The session was devoted to hearings, as part of disciplinary procedures, of the leaders of credit institutions recently audited, notably on compliance with the regulations on external financial relations of the member states of the UEMOA (…)”
This illustrates the importance, for a bank, of ensuring compliance with this regulation to avoid pecuniary sanctions and reputational risks, or a withdrawal of its accreditation. To achieve this, awareness and training work is necessary.
Moussa SYLLA, Author of the book “Banking Compliance in Senegal and the UMOA zone”
