Africa Financial Sector Responses to COVID-19 - WAEMU

Jan 01, 2010

This page presents measures and initiatives by the WAEMU central bank and Development Finance Institutions (DFIs) in favor of the resilience of the domestic financial sector facing the effects of the COVID-19 pandemic.

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Instrument

Institution

Financing volume

Description

Liquidity injection BCEAO USD 6.1 billion (04 september 2020) BCEAO has refinanced WAEMU commercial banks to the amount of CFA 3,383 billion (USD 6.1 billion). This operation constitutes the 23rd liquidity injection, bringing the cumulative total to CFAF 88,722 billion (USD 160 billion).
Liquidity injection BCEAO USD 6,2 million (25 august 2020) BCEAO has refinanced WAEMU commercial banks to the amount of FCFA 3,432 billion (USD 6.2 billion). This operation constitutes the 22nd liquidity injection, bringing the cumulative total to 85,339 billion FCFA (153.9 billion USD).

Liquidity injection

BCEAO

USD 6,3 billion

(18 August 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,507 billion (USD 6.3 billion). This 21st liquidity transaction brings cumulative total cash injection to 81,907 billion CFAF (148 billion USD).

Liquidity injection

BCEAO

USD 9,4 billion

(12 August 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 5,180 billion (USD 9.4 billion), bringing total liquidity injection to  CFAF 78,400 billion (USD 142 billion).

Liquidity injection

BCEAO

USD 6,3 billion

(05 August 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,520 billion (USD 6.3 billion). This operation constitutes the 19th liquidity injection, bringing the cumulative total to CFAF 73,220 billion (USD 132 billion).

Liquidity injection

BCEAO

USD 6,1 billion

(29 July 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,444 billion (USD 6.1 billion). This operation constitutes the 18th liquidity injection, bringing the total to CFAF 69,700 billion (USD 125 billion).

Liquidity injection

BCEAO

USD 6,3 billion

(22 July 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,520 billion (USD 6.3 billion) This operation constitutes the 17th liquidity injection, bringing the cumulative total to CFAF 66,256 billion (USD 119 billion).

Liquidity injection

BCEAO

USD 9,3 billion

(16 July 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 5,198 billion (USD 9.3 billion) This operation constitutes the 16th liquidity injection, bringing the cumulative total to CFAF 62,736 billion (USD 113 billion).

Liquidity injection

BCEAO

USD 6,06 billion

(07 July 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,385 billion (USD 6.06 billion). This operation constitutes the 15th liquidity injection, bringing the cumulative total to CFAF 57,538 billion (USD 103 billion).

Liquidity injection

BCEAO

USD 6,3 billion

(30 June 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,553 billion (USD 6.3 billion) This operation constitutes the 14th liquidity injection, bringing the cumulative total to CFAF 54,153 billion (USD 97 billion).

Liquidity injection

BCEAO

USD 6,2 billion

(25 June 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3.476 billion (USD 6.2 billion) This operation constitutes the 13th liquidity injection, bringing the cumulative total to CFAF 50,600 billion (USD 91 billion).

Liquidity injection

BCEAO

USD 5,7 billion

(24 June 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 5,203 billion (USD 5.7 billion) This operation constitutes the 12th liquidity injection, bringing the cumulative total to CFAF 47,124 billion (USD 85 billion).

Liquidity injection

BCEAO

USD 5,8 billion

(18 June 2020) BCEAO has refinanced WAEMU commercial banks to the amount of CFAF 3,270 billion (USD 5.8 billion). This operation constitutes the 11th liquidity injection, bringing the total to CFAF 41,921 billion (USD 75 billion).

Liquidity injection

BCEAO

USD 6,1 billion

(05 June 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,429 billion (USD 6.1 billion) This operation constitutes the 10th liquidity injection, bringing the cumulative total to CFAF 38,651 billion (USD 69 billion).

Liquidity injection

BCEAO

USD 6,1 billion

(02 June 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,458 billion (USD 6.1 billion) This operation constitutes the 9th liquidity injection, bringing the cumulative total to CFAF 35,222 billion (USD 63 billion).

Liquidity injection

BCEAO

USD 9,1 billion

(22 May 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 5,132 billion (USD 9.1 billion) This operation constitutes the 8th liquidity injection, bringing the cumulative total to CFAF 31,764 billion (USD 57 billion).

Liquidity injection

BCEAO

USD 6,1 billion

(13 May 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,450 billion (USD 6.1 billion) this operation constitutes the 7th liquidity injection, bringing the cumulative total to CFAF 26,632 billion (USD 48 billion)

Liquidity injection

BCEAO

USD 6,08 billion

(06 May 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,395 billion (USD 6.08 billion). This operation constitutes the 6th liquidity injection, bringing the cumulative total to CFAF 23,182 billion (USD 41 billion).

Liquidity injection

BCEAO

USD 6,4 billion

(28 April 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,575 billion (USD 6.4 billion) This operation constitutes the 5th liquidity injection, bringing the cumulative total to CFAF 19,787 billion (USD 35 billion).

Policy

BCEAO

N/A

(April 28, 2020) I- MFIs are authorized to grant to their clients affected by the effects of the pandemic and request a maturity extension on their loans.
II- The MFIs referred to in art. 44 that have extended the maturity of their loans must also transmit to the Central Bank the relevant information;
III- The BCEAO will assess, in relation with the CB WAMU and the SMS, the implications of these measures on the accounting and prudential situation of MFIs;
IV- The loans granted by credit institutions to MFIs are eligible for the provisions of Notice No. 005-04-2020 relating to the extension of maturities of the claims of credit institutions affected by the COVID-19 pandemic.
V- Bank loans granted to micro finance institutions referred to in Article 44 of the above-mentioned law are eligible as support for BCEAO refinancing.

Liquidity injection

BCEAO

USD 6,1 billion

(27 April 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 3,433 billion (USD 6.1 billion). This operation constitutes the 4th liquidity injection, bringing the cumulative total to CFAF 16,212 billion (USD 29 billion).

Bill

BCEAO

N/A

(April 22, 2020) A special 3-month refinancing window will be opened and banks will be able to obtain liquidity from the Central Bank.

Liquidity injection

BCEAO

USD 7,6 billion

(17 April 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 4,243 billion (USD 7.6 billion). This operation constitutes the third liquidity injection, bringing the cumulative total to CFAF 12,779 billion (USD 23 billion).

Liquidity injection

BCEAO

USD 7,5 billion

(09 April 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 4,204 billion (USD 7.5 billion). This operation constitutes the second injection of liquidity, bringing the total to CFAF 8,536 billion (USD 15 billion).

Liquidity injection

BCEAO

USD 7,7 billion

(02 April 2020) BCEAO refinanced WAEMU commercial banks to the amount of CFAF 4,332 billion (USD 7.7 million), this operation constitutes the first injection of liquidity.

Regulatory measures

BCEAO

N/A

(April 01, 2020)  I. free nationwide electronic money transfers for amounts up to 5,000 CFA francs, including transfers from bank accounts to electronic purses and vice versa;
II. Free payment of water and electricity bills, via mobile telephony, for amounts up to 50,000 CFA francs;
III. Abolition, by issuers of electronic money, of commissions paid by merchants on merchant payments backed by electronic money;
IV. Reduction by banks of 50% of the commissions paid by merchants on card-based payments in the network of the West African Economic and Monetary Union's Interbank Electronic Banking Group (GIM-UEMOA);
V. Raising the ceiling for reloading the electronic purse from two (2) to three (3) million FCFA and the monthly cumulative reloading from ten (10) to twelve (12) million FCFA.
VI. Reduction by 50% of the charges applied to customer bank transfers processed through the WAEMU Interbank Automated Clearing System (SICA-UEMOA);
VII. Relaxation of the conditions for opening electronic money accounts (activation of electronic purses based on mobile phone data, subject to obtaining the customer's agreement by any means and carrying out the due diligence related to remote identification, within the limits of regulatory ceilings);
VIII. A 50% reduction in bank card withdrawal fees in the GIM-UEMOA regional network.

Grant, concessional loans

BCEAO

USD 42 million

(March 23, 2020) The central bank has decided to allocate 25 billion CFA to the enhancement fund of the West African Development Bank (BOAD).

 

 

 

 

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