AFRICA/BENIN - Clarification of the Bishops on the creation of a Catholic credit institution

Cotonou (Agenzia Fides) - The Bishops' Conference of Benin announced and initiated the creation of a Catholic credit institution in mid-July, but in a recent statement indicates that the project is still being studied in order to comply with all legal procedures.
"On July 14, 2022, the Bishops' Conference of Benin announced in the newspaper "La Nation"
the project for the establishment of a joint-stock company in Benin, which should have the function of a financial institution," the bishops said in an official statement sent to Agenzia Fides. "In the newspaper mentioned above, a public call for tenders has therefore been published", the communiqué continues. "Hereby, in relation to the provisions of Article 13 of the Law on Banking Discipline, the Bishops' Conference of Benin notifies that it prohibits the use of the terms "Bank", "bank" or "banking" in the commercial name of the company as well as in the Statute and other documents relating to the project being created".
To this end, the Bishops' Conference of Benin (CEB) decided to annul the July 14, 2022 notice of the public tender pending the completion of all legal procedures and compliance with the provisions of the BCEAO, pending the closure of the files for a formal application for approval by the Ministry of Economy and Finance, the BCEAO and the Banking Commission of the UMOA," the statement concluded.
The OHADA (Organization pour l'Harmonisation en Afrique du Droit des Affaires) is the body of 17 West and Central African states for the harmonization of commercial law. The Central Bank of the West African States (BCEAO) is the central bank of Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. The BCEAO is the West African Monetary Union, which includes Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.
Originally it was said that the institute created by the bishops' conference would be called ICTUS Bank and would have a capital stock of 10 billion CFA francs. (L.M.) (Agenzia Fides, 27/8/2022)

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