Regulatory Alerts2020-04-28
Notice No. 008-04-2020 on Measures for Microfinance Institutions Affected by the COVID-19 Pandemic
The Central Bank of West African States (BCEAO) has issued Notice No. 008-04-2020 to authorize microfinance institutions (MFIs) in the West African Monetary Union to grant pandemic-affected clients a one-time renewable three-month loan maturity deferment without interest or penalties. MFIs must classify deferred receivables in a specific sub-account under immobilized credits and report related data to the Ministerial Monitoring Structures and the Central Bank via a dedicated online portal. Additionally, banking facilities extended to eligible MFIs qualify for existing credit institution deferment measures and BCEAO refinancing, with an exceptional expansion of the SME refinancing window to enhance sector liquidity.
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