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International Monetary Fund. African Dept.

Components, 2012–17 (Y/y growth, percent or percentage points) Source : BCEAO, Integrated Monetary Database Figure 2. WAEMU: Broad Money and Its Main Counterparts, 2012–17 (Y/y growth, percent or percentage points) Source : BCEAO, Integrated Monetary Database 4. WAEMU credit institutions can be broadly classified by their size, ownership, and bank or non-bank status . WAEMU banking sector counted 140 credit institutions in 2017, of which 125 banks (including 17 bank branches) and 15 non-bank credit institutions (including 4 branches). Excluding

International Monetary Fund. Monetary and Capital Markets Department
In the past two years, the NBG has adopted a series of measures to strengthen nonbank sector financial regulation, supervision, and oversight.1 The MCM TA mission in 2017 provided recommendations along these lines, most of which have been implemented by the NBG. Currently, the nonbank sector consists of Micro Financial Institutions (MFIs) and Loan Issuing Entities (LIEs). In reforming the sector, the NBG has, among others: (i) amended laws and issued new and revised regulations on registration, capital, and liquidity requirements for MFIs; (ii) significantly expanded supervisory powers and authorities and increased supervisory resources for the nonbank sector; (iii) registered 200 LIEs; and (iv) put in place consumer protection and responsibility lending rules. These new measures have helped to enhance the resilience of the nonbank sector, weed out those that are non-viable, and improved the reputation of the MFI brand.
International Monetary Fund. Monetary and Capital Markets Department

management requirements, as well as enhanced governance approaches. It is contemplated that the current staff of the nonbank supervisory department would have the appropriate expertise and skill levels to assume the supervisory oversight of micro-banks should the NBG decide to pursue this concept. See further detail in the next section. 28. The NBG may wish to consider providing additional benefits to MFIs transitioning to micro-bank status, subject to meeting the above requirements . In particular, it would be useful to implement a transitional provision to allow MFIs