UEMOA: AI Finance Regulatory Recommendations Emerge From Dakar Forum

• UEMOA financial sector stakeholders convened in Dakar to discuss the integration of artificial intelligence.
• Participants called for a progressive, secure, and coordinated deployment of AI while managing associated risks.
• Key benefits identified include improved payments, enhanced fraud detection, better credit access, and tailored financial services.
• Concerns raised by officials encompassed financial stability, data quality, governance, equity, data protection, and cybersecurity.
• The forum is expected to produce regional recommendations for AI use in finance and establish a specialized network for ongoing collaboration.

The collaborative efforts initiated at this gathering are expected to culminate in the formulation of comprehensive recommendations designed to regulate the use of artificial intelligence in finance.

Financial sector stakeholders across the West African Economic and Monetary Union (UEMOA) recently convened in Dakar, Senegal, to address the burgeoning role of artificial intelligence (AI) within the region's financial landscape. The gathering, organized by the Federation of Professional Associations of Banks and Financial Institutions of UEMOA (FAPBEF-UEMOA), focused on "artificial intelligence for financial inclusion and banking transformation in UEMOA." Participants underscored the dual imperative of harnessing AI's transformative potential while diligently mitigating its inherent risks.

The forum concluded with a unified call for the gradual, secure, and harmonized deployment of AI technologies throughout the UEMOA financial sector. This proactive stance, reported on September 24, 2026, by the Senegalese Press Agency, signals a concerted effort to develop robust UEMOA AI finance regulatory recommendations that will guide the region's adoption of this advanced technology.

Speakers at the Dakar forum highlighted numerous advantages that artificial intelligence can bring to the West African financial sector. François Sène, the national director of the Central Bank of West African States (BCEAO) for Senegal, emphasized AI's capacity to enhance payment systems, bolster fraud detection mechanisms, and improve access to credit. He also noted its potential to enable financial institutions to deliver more personalized services, directly addressing customer needs. However, Mr. Sène cautioned that AI adoption must be progressive, coupled with stringent measures to safeguard financial stability and ensure the integrity and quality of data, touching upon crucial BCEAO Senegal AI data protection considerations.

Further elaborating on the strategic implications, Aliou Ndiaye, Secretary General of Senegal's Ministry of Economy, Finance and Plan, stressed the critical importance of governance, equity, development, and national sovereignty in the context of AI deployment. He advocated for AI's application to specifically benefit small and medium-sized enterprises (SMEs), agricultural producers, and other key economic actors, thereby advancing AI inclusion financière UEMOA. Concurrently, Mr. Ndiaye underscored the necessity of strengthening data protection and UEMOA financial cybersecurity AI measures to protect sensitive information and maintain trust within the digital financial ecosystem.

The President of FAPBEF-UEMOA, Guy-Martial Awona, reinforced the need for a unified approach, urging professionals from member countries to standardize their practices and share their collective experiences. He warned that a fragmented or inconsistent adoption of AI could compromise security and client protection across the region. The forum itself brought together a diverse group of stakeholders, including representatives from banks, government bodies, telecommunications firms, fintech innovators, academic institutions, and AI specialists, reflecting the broad impact of this technology.

The collaborative efforts initiated at this gathering are expected to culminate in the formulation of comprehensive recommendations designed to regulate the use of artificial intelligence in finance. These forthcoming guidelines will be instrumental in shaping West African financial sector AI governance. Additionally, the forum aims to facilitate the establishment of a specialized regional network dedicated to AI in finance, fostering ongoing collaboration and expertise sharing to navigate the evolving technological landscape responsibly.

This article signals forthcoming regional recommendations and potentially new frameworks for AI use in the UEMOA financial sector. Lawyers and compliance officers should monitor these developments closely, particularly regarding data protection, cybersecurity, and governance, to ensure their clients' operations remain compliant and to anticipate new regulatory obligations.

Source: Original reporting via Senegalese Press Agency