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West African Economic and Monetary Union: Financial Depth and Macrostability

Author

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  • Patrick A. Imam
  • Ms. Christina Kolerus

Abstract

The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.

Suggested Citation

  • Patrick A. Imam & Ms. Christina Kolerus, 2013. "West African Economic and Monetary Union: Financial Depth and Macrostability," IMF Departmental Papers / Policy Papers 2013/005, International Monetary Fund.
    • Handle: RePEc:imf:imfdps:2013/005
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    Citations

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    Cited by:

    1. Koddenbrock, Kai & Sylla, Ndongo Samba, 2019. "Towards a political economy of monetary dependency: The case of the CFA franc in West Africa," MaxPo Discussion Paper Series 19/2, Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo).
    2. Leadaut Edith Prisca Togba, 2016. "Analysis of the Cost-Efficiency of Microfinance Institutions in the West African Economic Monetary Union Area," Working Papers 324, African Economic Research Consortium, Research Department.

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