WAEMU banks inject €838.5 million to improve SMEs' access to credit

Feb 08, 2013

Forty credit institutions have injected a total of Fcfa550 billion (€ 838.5 million) into financial and banking systems of the West African Economic and Monetary Union (WAEMU).

Forty credit institutions have injected a total of Fcfa550 billion (€ 838.5 million) into financial and banking systems of the West African Economic and Monetary Union (WAEMU).

This transaction was carried out in early February, as part of directives from the Central Bank of West African States (BCEAO), reports Xinhua news agency.

The objective is to contribute to the financing of the economy and improve access to credit for small and medium enterprises in the region.

According to the vice-governor of the BCEAO, Jean-Baptiste Compaoré, quoted by the newspaper Burkinapmepmi, the WAEMU region is still characterized by a low rate of access to financial services and a limited use of modern payment instruments.

"The average access to banking rate in the union has only slightly improved from about three to six percent. Thus, despite progress, significant efforts are still needed to significantly increase our region's financial inclusion rate. "ADNFCR-2976-ID-801537109-ADNFCR