Fintechs et UEMOA : plaidoyer pour une harmonisation réglementaire
At the fifth edition of the African Financial Industry Summit in Casablanca, the fintech company Wave highlighted the structural obstacles hindering the development of fintechs in West Africa. After a period of sustained technological innovation, the real challenge for the sector is now regulatory and organizational.
Each member state of the WAEMU applies its own compliance and licensing rules, forcing companies to repeat the same procedures in each country. This duplication generates high costs, significant delays, and limits the ability of fintechs to rapidly expand their services regionally. The lack of a common electronic identification system, known as eKYC, further complicates procedures, hindering financial inclusion and access to digital services for the population.
Industry players and digital finance experts are calling for regional regulatory harmonization and the creation of a common eKYC platform. Such an initiative would strengthen trust between institutions and consumers, accelerate the expansion of fintechs, and stimulate integrated and sustainable growth across West Africa.
By addressing these structural obstacles, West Africa could transform its digital ecosystem into an engine of financial inclusion, while also promoting the competitiveness of local businesses against international players.
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