Burkina Faso
Burkina Faso (, ; ) is a landlocked country in West Africa. It covers an area of around and is surrounded by six countries: Mali to the north; Niger to the east; Benin to the southeast; Togo and Ghana to the south; and Ivory Coast to the southwest. The July 2018 population estimate by the United Nations was 19,751,651. Burkina Faso is a francophone country, with French as the official language of government and business. Roughly 40% of the population speaks the Mossi language. Formerly called the Republic of Upper Volta (1958–1984), the country was renamed "Burkina Faso" on 4 August 1984 by then-President Thomas Sankara. Its citizens are known as "Burkinabé" ( ). Its capital is Ouagadougou.
Burkina Faso
Burkina Faso is part of the West African Monetary and Economic Union (UMEOA) and has adopted the CFA franc. This is issued by the Central Bank of the West African States (BCEAO), situated in Dakar, Senegal. The BCEAO manages the monetary and reserve policy of the member states, and provides regulation and oversight of financial sector and banking activity. A legal framework regarding licensing, bank activities, organizational and capital requirements, inspections and sanctions (all applicable to all countries of the Union) is in place, having been reformed significantly in 1999. Microfinance institutions are governed by a separate law, which regulates microfinance activities in all WAEMU countries. The insurance sector is regulated through the Inter-African Conference on Insurance Markets (CIMA).