By Opinion n0005-04-2020 dated April 1, 2020, the Central Bank of West African States (BCEAO) invited credit institutions to grant to companies and employees affected by the effects of the Covid-19 pandemic and who request it, a postponement of maturities on their loans, for a period of 3 months renewable once, without interest charge, fees or late payment penalty.

This period of postponement of deadlines is extended until 31 December 2020. Claims that remain affected by the effects of the Covid-19 pandemic may be maintained in healthy claims during this period and treated as such in their respective prudential categories. This regulatory preferential treatment will end on December 31, 2020.

The BCEAO assesses on a regular basis the impact of the pandemic and the measures adopted to remedy it on the financial and prudential situation of credit institutions. Additional measures could be taken by the Central Bank, on a case-by-case basis, to support the banking sector while preserving the financial stability of the West African Monetary Union. 

Assistance granted by credit institutions to microfinance institutions is also eligible for an extension of the maturity period within the time limits set out in this Opinion. 

Done at Dakar, 14 October 2020 

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