The CFA franc is used in 14 French-speaking west and central African countries, including Benin, Mali, Niger, Senegal, Burkina Faso and Togo, and is pegged to the euro.
And Bruno Le Maire expressed his concern that some of the countries are directly connected with funding terrorism.
He told African finance chiefs: “There are several countries within the Franc zone which are directly concerned with terrorism.
“Terrorism is obviously a growing concern in Mali and in Niger, but the threat has spread to many other countries in the region.
“The terror threat is real. And the risks in terms of terrorist financing have never been higher.
“President Emmanuel Macron and I are convinced that we can do more to choke off the financing of terrorism in the CFA Franc zone. We know that we can do better.”
The finance minister added that members of the Franc zone had a “debt problem” and that this vicious cycle of debt was stunting the region’s economic growth.
He said: “The region has a huge debt problem which is stifling economic growth. But it’s a problem that we’re all determined to solve.
“We need to reduce deficits in a growth-friendly fashion and focus on making smart investments.”
Sub-Saharan Africa is a hotspot for terrorist activity: radical Islamist groups such as Boko Haram, Islamic State and al-Qaeda all have a strong presence there.
Five soldiers from Niger and three US Army Special Forces troops were killed in an ambush on a joint patrol in southwest Niger on Wednesday, the latest in an escalating number of terrorist attacks in the region.
A western security source told the Reuters news agency that al-Qaeda and an offshoot of ISIS called Islamic State in the Greater Sahara were the main suspects.