Cameroon's Finance Minister launches National Strategy for Microfinance
Cameroon's Finance minister, Alamine Ousmane Mey, announced on December 3rd the implementation of a national strategy for microfinance and financial inclusion.Cameroon's Finance minister, Alamine Ousmane Mey, announced on December 3rd the implementation of a national strategy for microfinance and financial inclusion.
It will be introduced with the assistance of the United Nations Development Programme (UNDP) and the International Fund for Agricultural Development.
He explained that the growing success of the sector in Cameroon requires the introduction of a legislation that will enable the industry to be "surrounded by more professionalism", reports Xinhua news agency.
The strategy will also aim to strengthen the capacity of the microfinance sector to ensure provision of financial services to a growing number of micro-entrepreneurs in order to reduce poverty and increase job creation.
This, added the minister, will strengthen the safety of the resources that are mobilized from the public. It will also ensure that the resources allocated to the financing of rural areas are available.
According to figures from the Ministry, microfinance now contributes ten percent to the financing of the economy.
Mr Mey added that the sector has more than 1,000 branches, serves 1.5 million active customers and has collected about 400 billion FCFA (€610 million) in 2011.
But although this method of financing is fast developing in the country, the minister said that "we must ensure that people, regardless of their location, can access traditional financial services."