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The Fund's missions are to guarantee deposits for clients of Banking and Microfinance Institutions approved in the WAMU and to participate in the resolution of institutions subject to this regime. As such, it  is responsible for:

reimbursing depositors, in the event of unavailability of their assets, within the limit of a ceiling defined by the Council of Ministers of the WAMU;

financing resolution actions at the request of the Resolution College of the Banking Commission (CB-UMOA);

conducting actions, mainly in partnership with other stakeholders, for the promotion of financial culture in WAMU member states.

In the UMOA, are declared at failure, any financial institutions which are not able to ensure their payments, immediately or at short term. Such a situation makes the assets held by depositors unavailable.

The list of FGDR-UMOA member institutions is available

The deposit guarantee or deposit insurance is a mechanism for protecting the assets of depositors by paying them compensation in the event of failure of a member institution.

In the UMOA, this mechanism is implemented by the Deposit Insurance and Resolution Fund to which all Banks and Microfinance institutions under the Article 44 provision of the Law regulating decentralized financial systems.

A deposit is the operation by which a natural or legal person remits  to their financial institution funds that should be kept safe. During this retention period, the institution holds the right to dispose of this deposit for its own account, but must return it according to specific terms.

The institutions covered by the FGDR-UMOA appear on a regularly updated list published on the FGDR-UMOA website.


Guaranteed and unsecured deposits are specified in Articles 23 and 24 of the Fund's articles of association:

Article 23: Eligible deposits

Deposits denominated in CFA francs and held by natural or legal persons are guaranteed, within the limit set by the Council of Ministers, namely:

  • demand or term deposits;
  • passbook accounts and savings plans;
  • the credit balance of current accounts or ordinary accounts;
  • security collaterals when they become due;
  • any other amount owed to customers for banking transactions at the rate of the date of accounts closing.

Article 24: Non-eligible deposits

The following are not considered to be deposits eligible for the Fund guarantee:

  • deposits from Member States of the Union, central administrations, public establishments and local authorities
  • foreign currency deposits
  • deposits from Banks, Microfinance institutions and Investment Firms
  • deposits from insurance and reinsurance companies
  • negotiable debt securities
  • deposits from brokerage firms and collective investment organizations in transferable securities
  • deposits from pension organizations and pension funds
  • deposits from shareholders holding at least ten percent of the capital of Banking and Microfinance institutions
  • deposits from members of the Board of Directors, managers and auditors of Banking and Microfinance institutions
  • subordinated deposits and loans
  • deposits from transactions for which a criminal conviction has been handed down against the depositor for a money laundering or terrorist financing offense
  • any other deposit previously declared as ineligible by the Board of Directors.

The balance of the joint account is distributed equitably among its joint owners (unless otherwise stipulated in the account agreement) who are reimbursed separately in accordance with the compensation ceiling.

Where applicable, for the calculation of the total amount to be reimbursed per depositor, the share of each joint holder is added to his own assets held in his or her individual account (s) opened in the same member financial institution.

1,400,000 FCFA per depositor of a credit institution

300,000 FCFA per depositor of a microfinance institution

No, it is not possible to take out additional protection in the event of non-full reimbursing for depositors. Compensation for deposits not covered by the FGDR-UMOA guarantee is made, where applicable, by the liquidator on the proceeds from the sale of the assets of the institution in liquidation.

Yes, within the limit of the ceiling per depositor and per member institution.

Following the merger of two member institutions, deposits will continue to benefit from the Fund's guarantee up to the limit of the compensation ceiling.

Deposit Insurance and Resolution Fund in the WAMU (FGDR-UMOA)

Boulevard du Général De GAULLE

PO Box 3159 - Dakar - Senegal

Phone: (+) 221 33 889 46 38

Email: fgd@fgd-umoa.org


The resolution is the set of rules governing the mechanisms for preventing and managing banking crises.

WAMU's systemically important banking institutions, as well as their subsidiaries concerned, are subject to the resolution regime. The resolution regime is extended to any other credit institution, financial company, decentralized financial system, market infrastructure or any entity subject to the supervision of the Banking Commission on the territory of a Member State, the failure of which may have a significant impact. on the financial stability or on the economy of one or more Member States of the Union.

The role of the FGDR-UMOA is to finance resolution actions at the request of the Resolution College of the Banking Commission of the UMOA.


In accordance with the depositors compensation procedure, the FGDR-UMOA compensates depositors within three months.

Upon referral for compensation proceedings by the BCEAO or the Banking Commission, the FGDR-UMOA collects information on the depositors and deposits concerned.

After processing the data collected, the Fund determines the amount of compensation due to each eligible depositor and makes payment by all appropriate means.

Any complaints lodged by depositors are dealt with as quickly as possible.