**The following countries are all under the Central Bank of West African
States (BCEAO):**

1.  **Benin**

2.  **Burkina Faso**

3.  **Cote d' Ivoire**

4.  **Guinea Bissau**

5.  **Mali -** The state was part of BCEAO but withdrew in 1962 to
    create the Bank of Republic of Mali and produce its own currency,
    the Malian Franc. It rejoined the union in 1984.

6.  **Niger - Not attending**

7.  **Senegal**

8.  **Togo -- Not attending**

*Central Bank*: Members of the Central Bank of West African States
(BCEAO). The central bank is headquartered in Dakar, Senegal and was
established in 1959. The currency used is the Franc (CFA) which is
guaranteed without limit by the Treasury of France.

*Supervision*: The Central Bank is not a supervisory authority. The West
African Monetary Union (WAMU) controls and regulates the Central Bank as
well as all chartered banks. This body is a separate union from the
governments of member states. The Banking Commission- a division of
WAMU - performs audits and examinations based on surveys and rubrics of
the BCEAO (the Central Bank). National controllers from BCEAO perform
audits of Member Banks. The Governor of the Central Bank is also the
President of the Banking Commission of the WAMU and there are
representatives from each state in the Banking Commission.

*Insurance*: No Explicit Deposit Insurance system in place.

**The following six countries are all under the Bank of the Central
African States (BEAC):**

1.  **Cameroon**

2.  **Central African Republic -- Not attending**

3.  **Chad -- Not attending**

4.  **Equatorial Guinea -- Not attending**

5.  **Gabon**

6.  **Republic of the Congo -- Not attending**

*Central Bank:* Members of the Bank of the Central African States
(BEAC). The central bank is headquartered in Yaoundé, Cameroon and was
established in 1972. The currency used is the Franc (CFA) which is
guaranteed without limit by the Treasury of France.

*Supervision:* The Central Bank is not a supervisory authority. The
Central African Economic and Monetary Community (CEMAC) created a
Banking Commission -- COBAC -- in 1993 to have the power of
administration, regulation, supervision and sanctioning over banks that
have sought a license with the Central Bank. According to World Bank
reports, there is a close relationship between the Central Bank and
COBAC (the regulating agency) which makes for a weakened enforcement
capacity. The Governor of the BEAC presides over the Board of COBAC as
well as the Vice-Governor of the BEAC which leaves the organization as
partially independent from the BEAC.

*Insurance:* The BEAC offers some form of Deposit Insurance. FOGADAC is
a regional deposit insurance fund that was created in 1994 and is
managed by the national banking association with a monitoring role by
COBAC. The mission considers correcting for weaknesses within the system
(ex. Exercises of sanctioning powers) before implementation of FOGADAC
(according to the World Bank Report in 2006). The Link:
http://www.worldbank.org/ifa/rosc_aml_cemas.pdf

**Botswana**

*Central Bank:* The Bank of Botswana was established in 1972. The
Central Bank is headquartered in Gaborone, Botswana. The currency used
is the Pula (BWP).

*Supervision:* The Banking Supervision is the regulatory arm of the
Central Bank that overseas the operations of banks licensed under the
Central Bank.

*Insurance:* No Explicit Deposit Insurance system in place.

**Burundi**

*Central Bank:* The Bank of the Republic of Burundi was established in
1964 and is headquartered in Bujumbura, Burundi. The currency used is
the Burundi Franc (BIF).

*Supervision:* The Central Bank along with other supervisors are in
charge or supervision and regulation. The Bank has a Bank Supervision
and Internal Audit service. In addition, there are also external
supervisory audits conducted by Deloitte.

*Insurance:* No Explicit Deposit Insurance system in place.

**Ethiopia**

*Central Bank:* The Bank of Ethiopia was established in 1973 and is
headquartered in Addis Ababa, Ethiopia. The currency used is the Birr
(ETB).

*Supervision:* The Central Bank acts as an agent of the government. It
created the Department of Supervision as a way to regulate and supervise
banking, insurance, and micro-finance institutions.

*Insurance:* No Explicit Deposit Insurance system in place

**Kenya**

*Central Bank:* The Central Bank of Kenya was established in 1966 as a
direct result of a desire among the three East African states to have
independent monetary and financial policies. The Central Bank is
headquartered in Nairobi, Kenya. The currency used is the Kenyan
Shilling (KES).

*Supervision:* Kenyan legislation allocated supervision to the Central
Bank, which in turn created the Banking Supervision Department. The
department is responsible for vetting and licensing of all institutions.
It issues prudential guidelines and does constant off-site surveillance
as well as periodic on-site inspections. There are currently 45
commercial banks operating in Kenya.

*Insurance:* The Deposit Insurance Fund Board has been in operation for
more than 20 years. Deposits are insured both by the government and
banks and cover up to 100,000 KSH or \$1,333.30. In the last five years
18 banks have merged and 4 have failed (two banks later reopened).

**Lesotho**

*Central Bank:* The Central Bank of Lesotho was established in 1978 but
opened in 1980. The Central Bank is headquartered in Maseru, Lesotho.
The currency used is the Lesotho Loti (LSL) which is pegged to the South
African Rand (ZAR).

*Supervision:* The Central Bank assumes the role of supervision and
regulation of all banks within Lesotho. The Bank conducts on-site
examination and off-site surveillance to ensure adherence to the
prudential requirements and proper functioning of the banking system. In
recognition of the need to develop and consistently review its program
for effective and efficient financial supervision, the Bank established
the Financial Institutions Supervision Technical Committee (FISTC). 

*Insurance:* No Explicit Deposit Insurance system in place. One
government bank merged/failed within the last five years. Depositors
were wholly compensated.

**Malawi**

*Central Bank:* The Reserve Bank of Malawi was established in 1964 and
started operations in 1965. The Central Bank is headquartered in
Lilongwe, Malawi. The currency used is the Kwacha (MWK).

*Supervision:* The Central Bank supervises, reviews bank applications
and grants licenses to banks. Currently, there are 9 Commercial Banks, 1
Savings and Credit Institution, 1 Development Bank, and 1 Merchant Bank
in Malawi

*Insurance:* No Explicit Deposit Insurance system in place.

**Mozambique**

*Central Bank:* The Bank of Mozambique was established in 1975. The
Central Bank is headquartered in Maputo, Mozambique. The currency used
is the Metical (MZN).

*Supervision:* The Bank of Mozambique acts as the regulatory and
supervisory authority. In 2001, there were 8 commercial banks in
Mozambique.

*Insurance:* No Explicit Deposit Insurance system in place.

**Namibia**

*Central Bank:* The Bank of Namibia was established in 1990 and in 1998
received powers from Parliament to regulate over commercial banks in
Namibia. The Central Bank is headquartered in Windhoek, Namibia. The
currency used is the Namibian Dollar (NAD).

*Supervision:* The supervision and regulation of banking institutions in
Namibia is undertaken by the Bank of Namibia. The Bank Institutions Act
of 1998 provides the Bank of Namibia with the authority; to authorize
persons to conduct business as a banking institution, to control,
supervise and regulate banking institutions so as to protect the
interests of persons making deposits with banking institutions. In order
to achieve the role of protecting the interests of depositors, the
department follows a number of prudential requirements to be complied
with by banking institutions.

*Insurance:* No Explicit Deposit Insurance system in place. The vision
of the Bank of Namibia states they are "working in the public interest"
and have regulations in place to protect depositors and stakeholders.

**Nigeria**

*Central Bank:* The Central Bank of Nigeria was established in 1958. The
Central Bank is headquartered in Abuja, Nigeria. The currency used is
the Naira (NGN).

*Supervision:* Banking Supervision Department of the Central Bank
carries out the supervision of [Deposit money
banks](http://www.cenbank.org/Supervision/Inst-DM.asp) and [Discount
houses](http://www.cenbank.org/Supervision/Inst-DH.asp) while Other
Financial Institutions Department supervises other financial
institutions. The other financial institutions include [Micro-finance
Banks (MFBs)](http://www.cenbank.org/Supervision/Inst-MF.asp), [Finance
Companies (FCs)](http://www.cenbank.org/Supervision/Inst-FC.asp),
[Bureaux-de-change
(BDCs)](http://www.cenbank.org/Supervision/Inst-BDC.asp), [Primary
Mortgage Institutions
(PMIs)](http://www.cenbank.org/Supervision/Inst-PMI.asp) and
[Development Finance Institutions
(DFI\'s)](http://www.cenbank.org/Supervision/Inst-DFI.asp). The
supervisory process of both departments involves both on-site and
off-site arrangements.

*Insurance:* The Deposit Insurance Corporation of Nigeria was
established in 1988. Funds for the Deposit Insurance Corporation are
provided by the licensed banks. There were 30 bank failures in the past
5 years and depositors have been insured up to NGN 50,000.

**Democratic Republic of Congo**

*Central Bank:* The Central Bank of the Congo was established in 1964.
It was called the National Bank of Congo, then changed to Bank of Zaire
from 1971-1997; from which point it renamed itself to the Central Bank
of Congo. The Central Bank is headquartered in Kinshasa, DRC. The
currency used is the Congolese Franc (CDF).

*Supervision:* The Central Bank is the supervisory authority. There are
6 autonomous agencies of the Central Bank of the Congo located in 6
different cities in the DRC with head offices in Kinshasa.

*Insurance:* No Explicit Deposit Insurance system in place.

**Rwanda**

*Central Bank:* the Central Bank of Rwanda was established in 1964. The
Central Bank is headquartered in Kigali, Rwanda. The currency used is
the Rwandan Franc (RWF).

*Supervision:* The Central Bank is the sole supervisory authority. There
are 7 commercial banks and 2 financial institutions in Rwanda.

*Insurance:* No Explicit Deposit Insurance system in place.

**Sierra Leone**

*Central Bank:* The Bank of Sierra Leone was established in 1964. The
Central Bank is headquartered in Leone. The currency used is the Sierra
Leonean Leone (SLL).

*Supervision:* The Central Bank is charged with the supervision and
regulation of the activities of commercial banks and other Financial
Institutions to ensure the health of the financial system.

*Insurance:* No Explicit Deposit Insurance system in place.

**South Africa**

*Central Bank:* The South African Reserve Bank was established in 1921.
The Central Bank is headquartered in Pretoria, South Africa. The
currency used is the South African Rand (ZAR).

*Supervision:* The Reserve Bank is responsible for bank regulation and
supervision by issuing banking licenses to banking institutions, and
monitoring their activities.

*Insurance:* History of Implicit Deposit Insurance. The financial system
is under review for a possible implementation of an explicit deposit
insurance system.

**Tanzania**

*Central Bank:* The Bank of Tanzania was established in 1966. The
Central Bank is headquartered in Dar-es-Salaam, Tanzania. The currency
used is the Tanzanian Shilling (TZS).

*Supervision:* The Banking Supervision Department carries out the
regulations and supervision of the central bank and member banks.

*Insurance:* The Central Bank created the Deposit Insurance Board in
1991. It was created to enhance the public confidence and protect
depositors in the event of insolvency of banks and non-banks. There
vision is to be financially, organizationally, and functionally
independent. Currently the Board of Directors consists of the Governor
of the Central Bank, the Secretary of Treasury, the Secretary to the
Minister of Finance, and 2 appointees by the Ministry of Finance. The
fund is managed by the Board and payouts and procedures are also managed
by the Deposit Insurance Board. Protection for depositors was recently
raised (doubled) from TZS 250,000 up to TZS 500,000.

The link:
[http://www.bot-tz.org/DepositInsuranceBoard/aboutDIB.htm#Legal%20framework%20governing%20the%20Fund\'s%20operations](http://www.bot-tz.org/DepositInsuranceBoard/aboutDIB.htm#Legal framework governing the Fund's operations)

**Tunisia**

*Central Bank:* The Central Bank of Tunisia was established in 1958. The
Central Bank is headquartered in Tunis, Tunisia. The currency used in
the Tunisian Dinar (TND).

*Supervision:* The Bank Supervision Department carries out the
regulations and supervision of the central bank and member banks and
institutions. In 2005, there was an amendment to enforce security and
transparency of bank activities

*Insurance:* No Explicit Deposit Insurance system in place. In 2003, BCT
received technical assistance for the establishment of a deposit
insurance system. It is noted that supervisory regulations are at an
advanced stage according the International Monetary Fund report on
Tunisia.

**Uganda**

*Central Bank:* The Bank of Uganda was established in 1966. The Central
Bank is headquartered in Kampala, Uganda. The currency used is the
Ugandan Shilling (UGX).

*Supervision:* In 1966 the Bank of Uganda over took the functions of the
defunct East African Currency Board in Nairobi, Kenya. The Central Bank
charges the Regulation and Supervision division with carrying out
functions of supervision of member banks.

*Insurance:* In 1994, the Deposit Insurance Scheme was developed and in
1997, they passed the Interventional Policy by the Government of Uganda.
The Act requires banks to pay and annual premium which finances the
fund. It strengthens supervision and bank failure policies and outlines
plans for intervention by the Central Bank. The Act outlines procedures
in event of a bank failure which include that depositors are paid within
90 days and up to Ush 3 million per depositor from the Deposit Insurance
Fund. The Central Bank will intervene after a 6 month probationary
period on the bank in question. There will be a liquidation and sale of
assets or sold to new management according a cost analysis.

The Link:
<http://www.bou.or.ug/bouwebsite/export/sites/default/bou/bou-downloads/acts/other_acts_regulations/intervention_policy_GoU_270597.pdf>

**Zambia**

*Central Bank:* The Bank of Zambia was established in 1964. The Central
Bank is headquartered in Lusaka, Zambia. The currency used is the
Zambian Kwacha (ZMK) and Ngwee (ZK).

*Supervision:* In 1994/1996, the Bank Supervision Department was
instated. They are charged with regulation and supervision of member
banks. In 2000, the Act was amended to strengthen the Bank Supervision
Department.

*Insurance:* No Explicit Deposit Insurance system in place.