The BCEAO and the Managing Directors of the large microfinance institutions referred to in Article 44 of the law regulating Decentralized Financial Systems (DFS), met on Wednesday March 31, 2021 by videoconference. Discussions were mainly focused on the impact of the COVID-19 pandemic and the economic downturn on the financial situation of the microfinance sector.

Under the chairmanship of Ahmadou Al Aminou LO, BCEAO National Director for Senegal, the meeting was attended by the Director of Regulation and Supervision of DFS (DRS-SFD) at the Ministry of Finance and Budget, the Director of Microfinance (DMF) and the Director of the Microfinance Impulse Fund (FIMF) at the Ministry of Microfinance, Social and Solidarity Economy as well as the Executive Director of the Professional Association of DFS (AP-SFD) .
Indeed, the health crisis has led to postponements of payment deadlines on loans granted to customers for outstanding amounts that are still significant in the books of microfinance institutions. Thus, a very slight increase was noted in 2020 in the rate of use of microfinance services (TUSM) established at 34.65% of the adult population aged over 15 against 33.04% in 2019.
During the exchanges, the General Managers drew attention to the urgency attached to the financial support provided for by public policies in favor of the sector, especially in the context of the redeployment of budgetary expenditure in favor of the employment of young people, women and rural people.
It was decided to set up two committees responsible respectively for monitoring the implementation of the recommendations for the public, monetary and supervisory authorities resulting from the consultation meetings of the sector with the BCEAO, relating respectively to issues related to financial stability and the development of the sector.