Afrique Finance, a guide to the financial systems of Africa's 54 countries

What does Afrique Finance cover?

The site covers all 54 African states with an overview, then, for 44 countries, pages on banks, insurance, microcredit and the business press. Continental summaries round it off, including a regional list of African banks, in French, English and Arabic.

Two CFA francs, two issuing institutions

French-speaking Africa falls mainly under two monetary unions. The eight WAEMU countries rely on the BCEAO, whose Monetary Policy Committee sits in Dakar, as the page on finance in Senegal explains; the six CEMAC states rely on the BEAC.

BCEAO: a cut in March, then a pause

On 4 March 2026, the BCEAO lowered its policy rates by 25 basis points. In June it held 3% despite the oil shock linked to the Middle East, then confirmed that level on 9 September, with WAEMU inflation expected at 1%.

Yaoundé, 29 June 2026: the BEAC eases

In Yaoundé, the BEAC's Monetary Policy Committee cut the TIAO to 4.50% and the marginal lending facility to 5.75%. Reserve requirements on sight deposits were also lowered, a choice detailed in the page on Cameroon's financial system.

Growth, prices and reserves in Central Africa

The BEAC forecasts CEMAC growth of 3.2% in 2026 and inflation of 2.4%, below the 3% community ceiling. Reserves would cover 4.72 months of imports, and the external coverage of the currency would reach 70.7%.

What the December 2019 reform changed

Announced in Abidjan on 21 December 2019, the reform of the West African CFA franc closed the operations account at the French Treasury and withdrew French representatives from BCEAO bodies. The fixed parity with the euro and the convertibility guarantee remain in place.

PAPSS, the AfCFTA payment rail

Afreximbank and the AfCFTA Secretariat have rolled out the Pan-African Payment and Settlement System. The Central Bank of Tunisia is its 13th member, as our page on finance in Tunisia notes; links with China and India are planned for early 2027.

PI-SPI and instant payment in WAMU

As of 30 September 2026, the BCEAO had authorised 175 participants to open the services of its PI-SPI instant payment platform to the public. The named list of these participants, published in early October, shows who already offers these instant payments.

Which banking groups operate across borders?

Ecobank, founded in 1985 with a first subsidiary in Togo, claims 35 sub-Saharan countries. Standard Bank operates in 21, UBA in 20 African countries, and Attijariwafa bank in 14 African markets outside Morocco, from Egypt to Chad by way of Senegal.

Reinsurance and guarantees across the continent

Africa Re, created in 1976 by 36 states on the recommendation of the AfDB and based in Lagos, is rated A by AM Best and S&P. In October 2026, Bloomfield affirmed FAGACE's A+ rating; in the franc zone, CIMA regulates insurers.

Reading a country profile in four steps

Each profile starts with the central bank, the currency and the zone, then presents licensed institutions, insurers and microfinance institutions. For Mali, Niger, Togo, Rwanda or Mauritius, these sections are grouped together in the overview.

Media to consult for financial news

Financial Afrik, Agence Ecofin and Jeune Afrique follow the BCEAO and BEAC closely, while The Africa Report and Business Daily Africa cover the English-speaking region. Our review of the African business press presents their sections and angles.

Leading continental institutions

• BCEAO: Central bank of the eight WAEMU states, which sets the policy rate and runs the PI-SPI platform.
• BEAC: Bank of Central African States, whose Monetary Policy Committee cut the TIAO to 4.50% in June 2026.
• Afreximbank: African Export-Import Bank, multilateral institution for intra-African trade and operator of the PAPSS payment system.
• Ecobank Transnational Incorporated: Banking group founded in 1985, present in 35 sub-Saharan countries and listed on the BRVM, Accra and Lagos.
• Africa Re: African Reinsurance Corporation founded in 1976, headquartered in Lagos, rated A by AM Best and by S&P.
• FAGACE: African Guarantee and Economic Cooperation Fund, whose A+ rating was affirmed by Bloomfield in October 2026.

Using the guide for targeted research

1. First identify the monetary zone of the target country: WAEMU, CEMAC, national currency, or a customs union such as SACU or the EAC.
2. Open the country overview to find the central bank, the insurance regulator and the applicable legislation.
3. Then consult the banks page to identify licensed institutions and their parent group, local or pan-African.
4. Check each licence on the official list published by the central bank or the Banking Commission before taking any step.
5. Compare terms directly with the institutions, as the site provides information and offers neither products nor personalised advice.
6. Follow monetary policy decisions in official statements and in the specialist business press cited on each profile.

Monetary indicators for 2026

Reference texts from African regulators

• BCEAO Monetary Policy Committee statements
• Monetary policy decisions published by the BEAC
• Directory of banks and financial institutions in WAMU (2024 edition, March 2026)
• BCEAO statement of December 2019 on the CFA franc reform
• Afreximbank announcements on the PAPSS rollout
• List of licensed institutions from the central bank of the country studied

Common confusions to avoid

• Confusing the WAEMU CFA franc, issued by the BCEAO, with the CEMAC CFA franc, issued by the BEAC: their policy rates differ.
• Believing the 2019 reform has already introduced the ECO: the BCEAO statement sets no timetable for an actual changeover.
• Assuming a pan-African group offers the same services everywhere, when each subsidiary depends on the licence and rules of the host country.
• Trusting an intermediary who promises credit without checking its licence on the official list of the relevant central bank.
• Using an old figure without its date: policy rates and inflation forecasts change at every monetary policy meeting.