In recent years, the UEMOA authorities have undertaken several initiatives to pave the way for the wider financial inclusion of their people and small and medium-sized enterprises (SMEs). In this context, the Central Bank of West African States (BCEAO) has drawn up a UEMOA regional financial inclusion strategy, adopted by the UEMOA Council of Ministers in June 2016. It envisages action to widen financial inclusion, defined in the UEMOA as “permanent access for people to a diversified range of suitable financial products and services, at affordable prices, used efficiently and to good effect.” The overall goal of the regional financial inclusion strategy is to open access to a diversified range of suitable financial services, at affordable prices, for use by 75% of the UEMOA population, within a five-year horizon. The strategy lays special emphasis on women, rural and young people, SMEs and people with little financial education.

Following up the progress made on this front, the BCEAO has set up a statistical facility for the periodic collection of the necessary information to compile indicators of financial inclusion. The statistics are collected from financial service providers (banks, postal services, national savings banks, public treasuries, microfinance institutions and electronic money institutions). Analysis of the collected data reveals problems where the same individual holds multiple accounts at several banks within the UEMOA. This distorts the calculation of indicators and affects their reliability. Indeed the Central Bank’s present system for collecting financial inclusion data offers no way of eliminating possible duplications of the same user at two or more banks in the same country or UEMOA-wide.

In the light of the above, it may be advisable to set up a single system of identification of financial service users in the UEMOA. That system therefore aims to serve as a reliable central database of all financial service users. Its purpose is to ensure the traceability and security of transactions. It would thereby offer an opportunity to increase the use of electronic means of payment and help to improve financial inclusion. Especially, for migrants and their families, the single identification of financial service users within the UEMOA will also advance and facilitate the end-to-end digitization of cross-border money transfers and related financial services.