Covid-19: FNFI backs nine microfinance institutions

Monday, 22 June 2020 18:04
Covid-19: FNFI backs nine microfinance institutions

(Togo First) - In Togo, the National Fund for Inclusive Finance (FNFI) is putting in place mechanisms to support its partnering microfinance institutions amidst the Covid-19 crisis. 

Among others, the Fund will exceptionally add bonuses on the financing it provides to the institutions, in addition to partly covering interests on loans they have taken, cutting down these interest rates by 1 percentage point, and increasing by 1 percentage point the cost to manage the various FNFI products. 

The incentives mainly aim to give some breathing space to partnering institutions, especially given the present pandemic context. Financial institutions operating in the country, the FNFI declared, “were able to adapt to the difficult environment; by putting in place appropriate mechanisms enabling them to keep lending to their customers.” 

Since it was launched, at the end of May 2020, the FNFI helped lend more than XOF91 billion to its beneficiaries. The amount corresponds to over 1.74 million loans.

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