The membership of Banks and Microfinance Institutions (SFD) to a deposit guarantee system is a legal obligation provided for by the Law on Banking Regulations and by the Law on the Regulation of Decentralized Financial Systems in force in the Monetary Union. West African (UMOA).
– Article 65 of the Law relating to banking regulations
“Credit institutions approved in the UMOA adhere to a deposit guarantee system”
– Article 69 of the Law regulating Decentralized Financial Systems
“The Decentralized Financial Systems approved in the UMOA adhere to a deposit guarantee system”.
The creation of the Deposit Guarantee and Resolution Fund in the West African Monetary Union (FGDR-UMOA) therefore falls within the framework of the application of the two aforementioned laws.