As Cameroon’s Coronavirus curve progresses geometrically to 56, the Association of credit Institutions APPECAM says they are getting ready to deal with shocks imposed by the pandemic. This is through a series of actions expected to keep banks and their clients afloat during the stormy ride.
After examining the impact of the coronavirus on the economy tissue of Cameroon, members of this banking cartel have been urged to be responsive to the plight of companies and businessmen about their operations. Small and Medium Sized Enterprises who could run into the unpleasant fall out of the pandemic have been told to seek solace in these banks for liquidities to keep them afloat.
APPECAM members have also been implored to consider, with clients, conventional renegotiation of bank credits to “support economic agents that may need renegotiations for their repayment schedule.” In addition to this, deferring credit repayment of companies for a fixed period, which must not exceed one year initially, by agreement between the parties has prescribed as a counter shock to the unpleasant economic effects of the coronavirus. Removal of penalties and additional costs of deferrals and sensitization of clients on the use of digital technology to reduce their frequency at bank counters should be privileged by these banks.
