The IFC and Camlease promoting leasing in Cameroon

The government of Cameroon, the leasing association of Cameroon (Camlease) and the International Finance Corporation (IFC) have recently launched a campaign to promote and explain leasing in the country, APA news agency reports.

This campaign follows a vote by the parliament on a law regulating the sector, where firms will now be permitted to acquire an asset and pay a series of contractual, periodic, tax deductible payments, with an option of ownership at the end of the contract.

Cameroon's Finance Minister Essimi Menyé told APA that with leasing, small to medium-sized businesses that have difficulties accessing credit will now find a way to finance their activities.

President of Camlease Pierre Kam told the Cameroon Tribune newspaper that the leasing "is an instrument through which financial institutions will be able to finance the acquisition of a large range of capital assets by offering innovative products and services".

Cameroon currently has a leasing market Worth 50 billion FCFA (€76.2 million). It could potentially reach 200 billion FCFA, according to Camlease figures.