World Bank Boosts Financial Inclusion in Cameroon
The International Finance Corporation (IFC), a member of the World Bank Group, has announced an advisory services agreement with Microfinance Institute Advans Cameroun.The International Finance Corporation (IFC), a member of the World Bank Group, has announced an advisory services agreement with Microfinance Institute Advans Cameroun.
This agreement is part of a $37.4 million initiative by the IFC and the MasterCard Foundation to upscale “commercial microfinance and develop mobile financial services to increase financial inclusion in Sub-Saharan Africa.”
Over the coming four years, the IFC will advise Advans Cameroun on the roll out of a branchless banking model, involving mini branches, mobile collectors and agents.
“After successfully building a strong presence in urban centers, Advans Cameroun’s objective is to develop its outreach in rural areas. This project will allow us to provide easy and convenient access to financial services and solutions for small-scale entrepreneurs, smallholder farmers and generally the low-income population,” said Steven Duchatelle, Head of Operations at the Advans Group.
This initiative is directed towards the 60 per cent of the country’s population employed in the agricultural sector, which most often does not have access to financial services.
World Bank data shows that less than 20 per cent of males and 10 per cent of females have accounts with formal financial institutions currently in Cameroun.
According to Greta Bull, IFC Advisory Services Manager for the Financial Institutions Group in sub-Saharan Africa, this project could lead to the financial inclusion of 60,000 new customers.