Before answering your first question, allow me to address, on behalf of myself and
all the general managers of banks and financial institutions in Senegal, a message from
active solidarity with the Senegalese people and the whole world in the face of the painful ordeal of the pandemic
of coronavirus. I encourage customers to fully adopt the hygiene measures recommended by the
authorities and by credit institutions when they exceptionally visit our counters. this
being said, in response to your question and as the saying goes, in exceptional circumstances, measures
exceptional.
Unquestionably, economic actors, in particular formal and informal businesses,
individuals, particularly employees, are exposed to the harmful effects of the coronavirus pandemic.
Banks and financial institutions are already feeling its effects through the disrupted pace of
operations on the bank accounts of companies in sectors such as hotels, restaurants,
air and road transport, travel agencies, etc.
Faced with this situation, the banking system is challenged to provide support through the granting of credits
if necessary, the rescheduling of receivables, especially by deferring maturities which, moreover, slow down the
cash receipts. In short, any action that requires having sufficient resources. Hence a
first series of measures taken by the governor of the BCEAO through eight major decisions on
which a wide communication was made. The effects must be felt gradually, it is, in
occurrence and in short, to supply the banks with banknotes in sufficient quantity, thus allowing
to supply our funds and the Gab, to increase the volume of resources made available to the banks,
to expand a little more the mechanisms allowing us to access refinancing by the Bceao, including
through its SME/SMI financing support scheme, the revision of pricing on operations
made by using digital means of payment to limit travel and contact
direct, to rearrange, if necessary, the calendar for the issuance of public securities.
In addition to a massive injection of cash, the Bceao announced the reduction of its key rate to 2.50%.
How do you assess these measures? This last measure has just been implemented, because on March 30
2020, the Bceao has launched a call for tenders for the injection of liquidity at the fixed rate of 2.5%. The
characteristics of this operation, particularly in terms of interest rates and mass injected, are
within the framework of the implementation of the decisions taken by the governor of the BCEAO. Of course, the
banking system welcomes this because companies have already begun to express needs arising from
difficulties induced by the effects of the pandemic. The decisions of the Bceao fall precisely within the framework
support for those affected by the effects of the crisis. We will see the impact from tomorrow and the
profession is convinced that the authorities of the Bceao will do more if necessary, because in the situation
exceptional, exceptional measures, as I was saying earlier.
The objective is first to irrigate the economy with resources to meet the needs arising from
crisis situation that we live in. Beyond that, there is indeed, on the customer side, a concern for costs and
on the side of the banks, a concern for balance. I have no doubt that a happy medium will be found in
taking into account, on the one hand, the effort to reduce the Bceao rate reduced to 2.5% for the occasion and,
on the other hand, the context of the crisis. Credit institutions will not fail to take into account these
elements in the context of determining interest rates on a case-by-case basis, beyond the assessment of the
risk which, among other elements, is taken into account in determining the rate. However, I want to
specify that all the resources of the banks do not come only from refinancing by the Bceao.

But, rest assured that the banks will pass on any reduction to the end customer, all things being equal by
elsewhere. I also take this opportunity to remind you that the average rates applied in Dakar are the
lower in our area. This is to say that we are ahead in improving the conditions
people's access to banking services.
As indicated above, an exceptional situation calls for exceptional measures. As long as we
We are in a normal framework, the rules apply in all their rigor. But, given the period
crisis that the whole world is going through, it will be necessary to find ways and means to adapt the system
in which we evolve to facilitate support for economic agents in difficulty. This, at
less, on an exceptional basis over a period to be circumscribed. Without this softening, it will be difficult for us to
follow all at the same time. The banks will be led in good faith, faced with particular cases, to set up
records that directly or indirectly may not be in full compliance with the rules
prudential. Nevertheless, we have no doubt that the Bceao will gladly agree to make the system more flexible or
to deal with individual situations on a case-by-case basis.
Some sectors most affected by the pandemic are calling for an extension of the deadline for reimbursement
loans taken out with banks. Are the latter ready to respond favorably to this
demand ?
The cases submitted will be treated with the greatest attention. And there are already. Each credit institution
knows his customers. He is therefore in a position to assess and make allowances for the cases submitted and
identify those inherent in the situation created by the pandemic and address them as such. I specify that
nothing prevents us from also dealing with cases and needs not directly linked to the crisis, even if a priority
will be granted to the first mentioned. Our job is to support customers who sometimes start from scratch.
We are therefore equipped to help get over a bad course, even if this course is unprecedented. Let's do
confidence in our authorities and in the Senegalese genius present among our customers and our sales representatives!