Regulatory Alerts2020-04-02
BCEAO Advisory No. 005-04-2020 on Deferral of Credit Institution Claims Affected by the COVID-19 Pandemic
The Central Bank of West African States (BCEAO) issued Advisory No. 005-04-2020 to authorize credit institutions to defer loan maturities for businesses affected by the COVID-19 pandemic without interest charges, fees, or late penalties. The advisory permits these deferred healthy claims to be classified in a specific account within the healthy claims category rather than as non-performing, thereby preserving their prudential treatment. Affected businesses may request a three-month renewable deferral, and institutions must report the data via a secure online portal while the BCEAO evaluates the accounting and prudential implications alongside the UMOA Banking Commission.
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