The Monetary Union of the West African States (UMOA) covers an area of 3,466,000 km2 comprising eight countries, Benin, Burkina, Côte d'Ivoire, Guinea Bissau, Mali, Niger, Senegal and Togo. The common currency in all these countries is the Central French African franc.

The UMOA aims to:

• Increase the competitiveness of the members' economic and financial activities;
• Ensure convergence of members' economic and political performance;
• Create a common market amongst members to facilitate curculation of people, goods, services and capital;
• Coordinate sectoral policies;
• Harmonise legislation to facilitate the functioning of the common market.