BCEAO releases $ 6 billion for West African economies

The BCEAO has just made a liquidity injection of 3350 billion FCFA ($ 6 billion) at a fixed rate of 2% in favor of several banks of the UMOA. A total of 87 financial institutions participated in the operation. The Central Bank of West African States (BCEAO) made a further injection of liquidity to its member countries last week. In total, 3350 billion FCFA ($ 6 billion) were disbursed by the institution.

During the auction on September 14, 87 banks in the sub-region obtained an injection of liquidity at a fixed rate of 2%. With more than 1000 billion FCFA ($ 1.8 billion), it is the Ivory Coast which obtained the most important financing, ie 31% of the funds injected.

It is followed by Senegal with more than 580 billion FCFA ($ 1 billion), Mali with 466 billion FCFA (835 million $), Benin with 434.5 billion FCFA (777 million $) and Burkina Faso with 318 billion FCFA. ($ 569 million). Niger with 241.6 billion FCFA ($ 432 million), Togo with 219 billion FCFA (…

BMCE Bank Of Africa to the rescue of businesses and households

Like national banking institutions and as part of the general mobilization of the banking sector to support businesses and households in order to face the consequences of the Coronavirus crisis, the Bank of Africa group, chaired by Othman Benjelloun, just announced a set of measures. Regarding businesses, the bank announces the postponement of medium and long-term credit maturities until June 30, 2020 without fees or late penalties. There is also the establishment of an exceptional cash overdraft at a preferential rate to cover charges that cannot be suspended or deferred. This discovery is backed by the new mechanism, “Damane Oxygène” managed by the Central Guarantee Fund. This exceptional financing must be repaid before December 31, 2020.

BMCE Bank Of Africa to the rescue of businesses and households

However, if the company is unable to repay this credit in whole or in part, it can benefit from a consolidation loan over a period of up to 5 years. As for households, the bank offers them the possibility of postponing for 4 months (March to June 2020) the maturities of mortgage and consumer loans. This is how an automatic carry-over is granted to beneficiaries of the housing loan backed by Fogarim. For the others, namely clients affiliated to the CNSS who are on sick leave and clients working in the informing sector, the extension of deadlines is granted on a written request sent to the bank.