The Congolese authorities want to clean up the national financial market, allowing access to credit for businesses and individuals. The community measure will come into force on September 22.

Local banks will now file statements with the Central Bank on the costs and terms of credit granted to consumers. This political will is ensured by the National Economic and Financial Committee (CNEF), in application of the sub-regional standards of CEMAC (Economic and Monetary Community of Central African States). Hence the launch, in Brazzaville on August 3, of training for managers of credit and microfinance institutions on filling in the file of declarations of total effective rates (TEG) and the extension of the calculation of TEG to microfinance institutions. . According to the secretary general of the CNEF, Michel Dzombala, the TEG represents the real cost of consumer credit and is a true indicator of the real cost of the loan over the entire contractual repayment period.

“This four-day training will help improve the quality of TEG declarations, as well as analyzes on the evolution of the costs and conditions of loans granted to customers. Improving the quality of declarations constitutes a legitimate expectation, in particular of national authorities, the Central Bank and consumers of banking services”, underlined Michel Dzombala. It should be noted that during the workshop initiated by the CNEF, the participants will discuss the lessons learned from the first four years of practice of the TEG in the Republic of Congo, the improvement of the deadlines for the transmission of declarations, the current downward trend TEG, in connection with the multiplication of checks on credit costs by CNEF teams.