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This paper aims to investigate the complementary relationship between commercial banks and microfinance institutions in the West African Economic and Monetary Union (WAEMU) as a means to sustain economic growth. Using panel data on seven countries from 1999 to 2005 with the Feasible Generalized Least Squares and the AR(1) disturbances, the study indicates that the banking and microfinance sectors are prone to operating individually, and that banks benefit from microfinance activities. A joint effort of both sectors in facing credit allocation appears to be very significant over the single action of microfinance institutions. The study, therefore, suggests a joint or complementary approach through savings management to face the challenge of the economic growth in the Union. [ABSTRACT FROM AUTHOR]