Closing of the training of credit and microfinance institutions
Michel Dzombala reassures financial institutions of the CNEF's support for the application of new directives on Global Effective Rates
06 Aug, 2021
On Friday 6 August 2021, at the headquarters of the Bank of Central African States (BEAC) in Brazzaville (Republic of Congo), the Secretary General of the National Economic and Financial Committee of Congo (CNEF), Michel Dzombala, concluded the training of agents and managers of credit and microfinance institutions on the Nomenclature of Activities of Afristat Member States (NAEMA) and on the information of the file of declarations of Global Effective Rates (TEG).
Participants in the training followed, among other topics, the presentation of the nomenclature of activities of Afristat Member States and the presentation of the regulatory and methodological framework of the TEG (including the determination of the TEG of amortizable loans; the revision of the amortizable questionnaire; the revision of the amortizable questionnaire; the modalities of data extraction; the plausibility check of the data; the calculation of the individual TEG)
This training enabled participants to improve the availability and reliability of information used in the determination of TEGs and to provide not only consumers of services, but also reporting institutions, supervisors and policy makers with effective tools to assist in decision-making and in the development of national credit policy.
“I am satisfied with the training, because it allowed us to learn about the financial statements vis-à-vis our customers. We are going to apply the new directives on the calculation of the TEG whose entry into force is set for September 22, 2021,” Arsène Ghislain Mvouama, a participant working in a microfinance institution (MFI), said.
Michel Dzombala reassured financial institutions that the CNEF would support them in applying the new directives on the calculation of interest rates. He added that the microfinance institutions will benefit from a pilot phase to enable the CNEF to ensure that they have received the necessary training. After this phase, the TEGs of these MFIs will be published and recognised by the CNEF.
It should be noted that the date of 22 September 2021 has been set for banks (which already apply TEGs) to report (or declare) to the CNEF on a monthly rather than quarterly basis, in accordance with the new directive.
