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Burkina Faso is one of the eight West African countries that form the West African Monetary Union (WAMU), which was established back in 1994. Other members include Benin, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Togo and Senegal.
The eight countries are also a prat of the broader Economic Community of West African States, also known as ECOWAS, and basically if ECOWAS can be compared to the European Union, then WAMU is the Eurozone, because all WAMU countries share the same currency the – the Franc of the African Financial Community (F.CFA) and have a single central bank – the Central Bank of West African States (BCEAO), which is based in the capital of Senegal – Dakar.
The Central Bank is the sole financial regulator in the monetary union, taking care of the banking sector and the financial markets as a whole. Forex and CFD brokers, however do not fall under any specific regulations, so if you reside in Burkina Faso and want to trade forex, your best option is to chose among the brokers, licensed by well known financial watchdogs, such as the Financial Conduct Authority in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
As for the payment methods, you can use credit or debit cards like VISA and MasterCard, PayPal and local payment systems like Orange Money Burkina Faso, Uba Burkina and Mobicash-Venega.