Bill No. 45/2020 defining and punishing usury in Senegal now requires the inclusion in any loan agreement of the Global Effective Rate (Teg). The overall effective rate makes it possible to assess the real cost of the credit granted to a borrower and the need to take into account, in the costs used in the calculation of the Teg, the charges related to the guarantees with which the credits are possibly attached as well as the fees of ministerial officers".
 According to Abdoulaye Daouda Diallo, Minister of Finance and budget, this development has made it necessary to bring Law No. 81-25 of 25 June 1981 on the repression of usurious operations and legal interest rates into line with the basic texts of the institutional reform of Umoa and the Bceao, in particular the law on banking regulation and that on the regulation of Sfd.
 Thus, says the Minister, "the present bill provides for the obligation to involve the Banking Commission or the Central Bank in the decisions of the trial court ordering the temporary or permanent closure of credit institutions and decentralized financial systems, in the event of infringements of the legal provisions on usury, in accordance with the procedures provided for by the Banking Regulation Act and those of the Sfd Act".
 According to the report, the Commissioners thus welcomed the relevance of this bill, which is part of the dynamic of providing the best possible framework for the banking sector, in particular through the substantial strengthening of its legal framework.
 Given the importance of the new measures enacted in this bill, some commissioners suggested that the Minister implement an effective communications strategy to inform people about the major innovations made in this vital sector.