Loan repayment extension amid Covid-19 exceed CFA18 billion

Thursday, 07 January 2021 06:58
Loan repayment extension amid Covid-19 exceed CFA18 billion

(Togo First) - In Togo, the extension of credit granted to companies and individuals since April 1, 2020, due to the health crisis induced by the Covid-19, amounts to more than 18 billion FCFA.

Let’s recall that, as of September 30th, the Central Bank of West African States (Bceao) instructed credit institutions to grant, without any interest charge or late penalty, three months extension of maturities to companies that request the delay due to struggles caused by the pandemic.

In detail, as at the end of September 2020, maturity extensions had been granted to 212 companies for a total of 15 billion FCFA. On the other hand, 1361 individuals have requested and benefited from the incentive for 3 billion FCFA.

This was disclosed by the minister of finance, Sani Yaya, during the last session of the National Credit Council (CNC) in 2020. According to him, the measure has not only allowed banks to control credit risk, but also businesses and individuals to preserve the quality of their signature and, therefore, maintain their access to financing.

Séna Akoda

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.