The Central Bank of West African States (BCEAO) takes news
measures to help mircofinance institutions (MFIs) cope with the coronavirus disease, Covid19.
In a statement on Tuesday, the BCEAO announced five new measures to help these institutions
financial.
The BCEAO authorises MFIs to grant their clients affected by the effects of the pandemic and who >
requests, a postponement of maturities on their loans, for a period of 3 months renewable once, without
interest charges, no fees or late payment penalties.
In return, receivables whose maturities will be carried forward must be classified in a br specific sub-account in the category of loans tied up over the carry-over period. And the information
relating to claims whose maturities have been postponed must be communicated to the structures
Ministerial Follow-up (SMS).
These MFIs referred to in Article 44 of the Law on the Regulation of Decentralized Financial Systems having
Carrying out deadlines must also transmit to the Central Bank the information y
relative, from the canvas made available to them on the space dedicated to the Covid-19 Device on the site
BCEAO internet, at [email protected]
To this end, the Central Bank will assess, in conjunction with the Secretary General of the Banking Commission
of WAMU and SMS, the implications of these measures on the accounting and prudential situation of MFIs and
make appropriate decisions as necessary.
In addition, assistance granted by credit institutions to MFIs is eligible for the provisions of
Opinion No. 005-04-2020 on the postponement of maturities of the claims of credit institutions affected by
the Covid 19 pandemic. MFIs that wish to do so are therefore invited to get closer to their
banking partners to benefit from the measure of postponement of maturities of their commitments.
Thus, in accordance with the provisions of the decision of the Monetary Policy Committee of 2 March 2011, the
bank loans granted to microfinance institutions referred to in Article 44 of the above eligible in support of BCEAO refinancing.
Exceptionally, to increase liquidity in favour of the microfinance sector, the special window
refinancing the effects on Small and Medium-sized Enterprises (SMEs) is extended to claims
banks held on these MFIs .
For the implementation of this measure, credit institutions will rely on the list of FSDS
eligible, available from the National Directorates of the BCEAO, concludes the press release.