Cameroon's banks vow to improve access to banking services

Oct 15, 2012

The President of the Professional Association of Credit Institutions in Cameroon (APECAM), Mathieu Mandeng, said this week that the country's banks will work towards increasing the rate of access to banking services and credit in Cameroon.

The President of the Professional Association of Credit Institutions in Cameroon (APECAM), Mathieu Mandeng, said this week that the country's banks will work towards increasing the rate of access to banking services and credit in Cameroon.

"The access to banking services rate is currently at 4.5 percent, although some have been mentioning a figure of seven percent for some time (...) We are targeting a 10 percent rate, because we currently have an informal economy and we will have to adapt," he said, quoted by Ecofin news agency.

The Apecam called for the establishment of a framework agreement with the private sector for borrowing and lending, which will allow creditors to repay granted loans faster. "The expected impact on business should be to improve confidence and credit growth," said Mathieu Mandeng, who also called for the creation of an observatory of SME financing.

Several measures have recently been taken to increase access to banking services in Cameroon, including the adoption this year of the Central African Cashless Interbank Group (GIMAC).

This group includes all countries of the Economic and Monetary Community of Central Africa (CEMAC), and thus Cameroon.

The objective of this project is to improve access to banking services by lowering costs and facilitating their use.

The benefit of this tool is "to develop cashless transactions and make available the use of electronic payment cards to the general public in the sub region," Banque Atlantique Cameroun's CEO François-Xavier Tokpanou told the Cameroon Tribune.ADNFCR-2976-ID-801468996-ADNFCR