Stablecoin issuer / redeemer in Niger

The e-money framework is real: Instruction n° 008-05-2015 governs emetteurs de monnaie electronique — prior agrement (art. 8), capital of 300,000,000 FCFA fully paid up (art. 11), 100% backing of outstanding e-money (arts. 32-33), redemption at nominal value on demand (art. 35). But it does not reach stablecoins: it contains zero references to crypto-actifs or actifs virtuels, and e-monnaie under it is a claim on a licensed issuer denominated in FCFA, not a bearer token. No UEMOA or Nigerien text classifies stablecoins at all — the word 'stablecoin' appears nowhere in the uniform law of 31 mars 2023 or in Ordonnance n° 2024-56. A fiat-referenced token would fall to the PSAV regime as an actif virtuel, and there it hits art. 58 with no designated authority.

'Instruction N°003/2018/RB-BCEAO du 13 Decembre 2018 portant reglementation des etablissements de monnaie electronique' does not exist. The instrument regulating e-money issuers in UEMOA is Instruction n° 008-05-2015 relative aux conditions et modalites d'exercice des activites des emetteurs de monnaie electronique, which is the only e-money text on BCEAO's exhaustive payment-systems index; there is no 2018 e-money instruction, and the '/RB-BCEAO' numbering format does not exist in any BCEAO series (instructions run nnn-mm-yyyy).

If a stablecoin functions similarly to e-money, backed by fiat currency on a 1:1 basis and used for payments, it would likely fall under these regulations.

Correct instrument: Instruction n° 008-05-2015 du 21 mai 2015 régissant les conditions et modalités d'exercice des activités des émetteurs de monnaie électronique dans l'UMOA — confirmed by the BCEAO's own exhaustive payment-systems index as the operative e-money text. Arts. 32–33 require 100% backing (couverture intégrale) of e-money outstanding. The further detail asserted here — that the backing must sit in a segregated account at a credit institution — was not verifiable by fetch (the instruction's full text truncates on every reachable mirror), so it is unconfirmed.

Segregation: These funds must be segregated from the EMI's operational funds and protected in case of insolvency.

Prior agrément is required to issue e-money in Niger (Instruction n° 008-05-2015, art. 8; minimum capital 300,000,000 FCFA fully paid up, art. 11), but the claim over-reaches on 'any entity': banks and établissements financiers de paiement are exempt from the EME agrément and merely pre-notify the BCEAO two months in advance. As of 28 February 2026 the BCEAO's register lists 18 licensed EME across UEMOA, of which exactly one is Nigerien: AIRTEL NIGER (Airtel Money). Note also that this e-money regime has nothing to do with stablecoins — Instruction 008-05-2015 contains zero references to crypto-actifs.

Credit Institutions: Banks (credit institutions) operating in the UEMOA region are also authorized to issue e-money.

NEW FABRICATED INSTRUMENT: 'Instruction N°003/2018/RB-BCEAO' does not exist. The BCEAO's complete payment-systems index (12 instruments, 2002–2024) contains no such text, and the '/RB' numbering form is not one the BCEAO uses — BCEAO instructions are numbered nnn-mm-yyyy. The substance of the claim is nonetheless right and belongs to Instruction n° 008-05-2015 du 21 mai 2015, art. 35: e-money must be redeemed at nominal value on demand. Redemption at par is an e-money rule only; it does not attach to any stablecoin in Niger, none being issued as e-money.

This redemption right is a cornerstone of e-money regulation, ensuring that the digital representation always holds its value relative to the fiat currency it represents.

There are no specific regulations or rules for algorithmic stablecoins in Niger or the UEMOA region.

Given the BCEAO's general caution towards volatile and unregulated cryptocurrencies, and the emphasis on full backing and redemption rights for e-money, purely algorithmic stablecoins (not backed by fiat or other traditional assets) would likely be viewed with significant skepticism, if not outright concern, and would unlikely fit within the current e-money framework. They would most likely be treated as unregulated, high-risk crypto assets.

'BCEAO Instruction No. 03/2019/RB/UEMOA of May 23, 2019, on the regulation of virtual assets' does not exist. BCEAO instructions are numbered nnn-mm-yyyy (e.g. 008-05-2015) and never carry an '/RB' or '/CM/UEMOA' suffix — that format belongs to no BCEAO series. The exhaustive payment-systems index (12 instruments, 2002-2024) contains no such text, and no BCEAO instrument on virtual assets exists at all. The only binding virtual-asset text applicable in Niger is Ordonnance n° 2024-56 du 19 decembre 2024, transposing the uniform law of 31 mars 2023.

Evidence fact ne.licensing.current-stance-on-crypto-trading not found (may have been renamed).

There is no such prohibition. No BCEAO or Nigerien instrument bars banks, systemes financiers decentralises (microfinance), EMEs or payment institutions from crypto-related activity, and the instruction relied on does not exist. Banking activity in Niger is governed by the Loi bancaire, re-enacted as Ordonnance n° 2024-57 du 19 decembre 2024 portant reglementation bancaire au Niger, which contains no virtual-asset prohibition. What does exist is uniform-law art. 58 as transposed: unlicensed *professional PSAV* activity is prohibited, and no authority to licence it has been designated.

The conclusion holds — no licensed crypto exchange operates in Niger — but 'due to the BCEAO's directives' is false; BCEAO has issued no crypto directive. The real cause is structural: art. 58 of the uniform law as transposed by Ordonnance n° 2024-56 forbids unlicensed professional PSAV activity, while art. 59 leaves every licensing condition to a competent authority Niger has not designated. There is therefore no licence to apply for. Nothing is 'informal' by choice; the regime is unbuilt.

Niger is not subject to any 'BCEAO Regulation N°09/2020/CM/UEMOA of 25 September 2020' — no such instrument exists. The regional layer is the UMOA Loi uniforme LBC/FT/FP du 31 mars 2023 (which superseded Directive n° 02/2015/CM/UEMOA), adopted by the UMOA Council of Ministers, not by the BCEAO. Niger transposed it into national law by Ordonnance n° 2024-56 du 19 décembre 2024 relative à la LBC/FT/PADM.

'BCEAO Regulation N°09/2020/CM/UEMOA' does not exist and is not the primary regional AML/CFT instrument. That role belongs to the Loi uniforme relative à la LBC/FT/FP du 31 mars 2023, adopted by the Conseil des Ministres de l'UMOA (preceded by Directive n° 02/2015/CM/UEMOA of 2 July 2015), supplemented by BCEAO Instructions n° 001-03-2025 to 003-03-2025 du 18 mars 2025. The BCEAO issues instructions, not règlements.

Administrative sanctions: Warnings, reprimands, suspensions, removal of authorization/license.

Financial penalties: Fines proportional to the gravity of the offense, potentially substantial.

Criminal sanctions: Imprisonment (for individuals) and substantial fines (for legal entities) for serious offenses like money laundering or financing of terrorism.

The FATF Travel Rule recommends a threshold of USD/EUR 1,000 for virtual asset transfers where originator and beneficiary information must be exchanged.

Niger's standard rate on business profits is 30%, not 28%. Art. 27 of the Code général des impôts: « Le taux de l'impôt sur les bénéfices est fixé à 30%, sans abattement, du bénéfice net imposable. » The tax is the Impôt sur les Bénéfices (ISB); Niger does not use the label 'Impôt sur les Sociétés'. The DGI's announced 2026 measures made no change to this rate.

Rate: Niger's standard VAT rate is 19%.