Banks in Burkina Faso

The BCEAO is the common central bank of the West African Monetary Union (UMOA), which uses the CFA franc (FCFA), and regulates, among other things, monetary policy, payments and regional payment systems. The UMOA Banking Commission (Commission Bancaire de l’UMOA) supervises banks, protects depositors within the supervisory and resolution framework, and controls certain business practices. Burkina Faso's banking sector includes BOA - Burkina, Banque Agricole du Faso, Banque Atlantique Burkina Faso, Banque Commerciale du Burkina, Coris Bank International, Ecobank - Burkina, Société Générale Burkina Faso, UBA Burkina and Vista Bank Burkina; as of June 29, 2026, it comprises 17 banks and three financial institutions. Community-based financial systems (SFD) and microfinance institutions (IMF), including FCPB, local Caisses Populaires, ACEP BF, Baobab BF, CMBF and PAMF-BF, offer formal savings and credit services, but do not replace a bank for every product or right. To open a bank account, institutions generally require proof of identity and address; companies usually also submit commercial-register documents (RCCM) and powers of representation. Minimum balances, processing times and the exact documentation are determined by the individual institution. There is a recognized right to an account, but the details of the procedure are not uniform across institutions. Depending on the provider, accounts can be accessed through branches, automated teller machines (GAB) or cash dispensers (DAB), agents, online banking, apps and USSD. Payments can be made in cash, by cheque, transfer, salary credit or card through the regional card network (GIM-UEMOA); the large-value payment system (STAR-UEMOA) handles large amounts, while the standardized payment system (SICA-UEMOA) handles standardized payments. The interoperable instant-payment system (PI-SPI) has enabled instant transfers and payments around the clock since September 30, 2025; it was being rolled out and is intended to be effectively supported by banks, electronic money institutions (EME) and payment institutions by September 30, 2026. Debit, prepaid and credit cards depend on the bank's offering; regional network cards work in eight UEMOA countries, and according to the network, a withdrawal fee may not exceed 500 FCFA including taxes. The electronic wallet service (Orange Money) operates without requiring a bank account; activation usually takes place immediately after identity verification, while opening a bank account, making transfers and issuing cards may take longer. Account opening and several basic banking services have been free since October 1, 2014, including deposits and withdrawals at one's own bank, account statements, account closure, standing-order setup, internal account transfers and certain card and payment transactions; tax stamps and certain over-the-counter cheque services may be excluded. Each bank publishes further prices in its banking terms and conditions. Customers must keep their know-your-customer data (KYC) up to date, ensure sufficient funds and protect their PIN, OTP, card and SIM. After loss, fraud or an unauthorized payment, access should be blocked immediately and the incident reported to the institution. Complaints are initially handled by the institution within a prescribed period of no more than one month; after that, escalation through the electronic complaints portal (E-Réclamations) of the Banking Commission is possible. In 2024, traditional bank-account usage reached 23.4%, while broader use of formal financial services including microfinance reached 37.9%, and use of financial services including electronic money reached 79.7%. Gender, rural residence, the security situation, network coverage and missing or unaccepted identity documents significantly affect access.