Nominal interest rates charged by banks on customer deposits have generally fallen in the West African Economic and Monetary Union (UEMOA). According to the report on the situation of financial inclusion in WAEMU for the year 2020, Benin is not spared by this drop in performance.

The nominal interest rates applied by banks on customer deposits in the UEMOA space fell by 21 basis points, to stand at 5.13% in 2020 against 5.34% in 2019. Similarly, the interest rates applied to loans granted by banks to customers fell by 9 basis points, to stand at 6.59% in 2020 against 6.68% in 2019, following the same downward trend since 2012. Overall, interest rates have experienced contrasting developments at Union level. Nominal deposit interest rates at the bank level fell in all countries except Benin (+19 basis points) and Togo (+6 basis points). Bank lending interest rates fell in WAEMU countries during the period under review, with the exception of Côte d'Ivoire (+5 basis points), Mali ( +16 basis points) and Senegal (+3 basis points).