The National Credit Council (Cnc) of Senegal noted "good resilience" of credit institutions in the face of Covid-19 with regard to the banking system and microfinance. This is at least what emerges from the thirtieth meeting held on December 17, by videoconference under the leadership of its Statutory Chairman, Moussa Touré, who is also Director of Money and Credit, member of the Monetary Policy Committee (CPM ) of the BCEAO . “On the other hand, reports the Cnc, microfinance institutions, despite reassuring credit indicators, are characterized by high sensitivity to the impact of the pandemic”.

The Council also underlined that "the financing of economic activities has held up relatively well, mainly for the benefit of the public sector, in connection with the support measures taken by the BCEAO and the national authorities to mitigate the impact of the deceleration of economic growth on the clientele of the financial sector”. Compared to the end of December 2019, “employment in credit institutions increased by 8.2% at the end of October 2020 and that of microfinance institutions stagnated at the end of September 2020. On the prudential level, the Board noted a controlled impact of the crisis on the compliance, with the standards set, of the banking institutions subject to the law and of the large microfinance institutions”, notes a press release.

Furthermore, in view of this situation and the marked uncertainties regarding the evolution of the Covid-19 pandemic as well as the downside risks weighing on economic activity, the Conseil nation du credit "recommended that particular attention be granted, in public policies, to the lifting of constraints that may hinder the financing capacities of economic recovery by credit establishments and microfinance institutions”, adds the same source.