Cameroon: Campaign launched to promote microfinance legislation
The Cameroon government has just launched a microfinance legislation awareness campaign in order to improve the regulatory environment of this activity.The Cameroon government has just launched a microfinance legislation awareness campaign in order to improve the regulatory environment of this activity.
Its objective is to make the legislation better known to those working in the sector so that it can be applied in a more efficient way.
At the end of the six-year programme, all microfinance institutions should apply the regulatory clauses governing their activities, in order to facilitate access to finance for rural populations, Le Quotidien newspaper reports.
An investment of CFAF9.5 billion (€14.5 million) will be allocated to this programme, with 61 percent coming from the International Fund for the Development of Agriculture, 1.5 percent coming from the United Nations Development Programme, 11 percent from the Cameroon government and 26 percent from the project beneficiaries.
According to official figures published on Portail Microfinance, Cameroon had 983 microfinance outlets in 2008 compared with 129 for the banking sector.
Despite the high density and territorial expansion of microfinance institutions in Cameroon, they are not evenly spread throughout the country.
In 2008, 52 percent were located in urban areas compared with 48 percent in rural areas.