This is within the frame work of a two-day seminar which took place in Douala.
The Ministry of Finance on March 4th and 5th organised a capacity building seminars for actors of the micro finance sector in Cameroon on the new COBAC legislation governing the activities of micro finance institutions in the CEMAC zone.
The seminar took place at the GICAM conference hall, on the theme; capacity building of micro finance for guidance and quality reforms. Speaking during the opening ceremony, the director of micro finance, Amadou Bouba, representing the Minister of Finance, said the new legislation which went into effect since January 2018, has as objective to mutualise the major orientations of the reform, solicit the adherence of professionals to the platform, evaluate the implementation of the reform within the prescribed limit and help micro finance institutions to avoid the risk of sanctions due to failure to implement the new rules as well as take stock of the difficulties faced in implementing the reforms.
According to the chief of service for monetary affairs and insurance at the Regional Delegation in Douala, Abe Engali Armand, said the reform recommends the lifting of the minimum capital from FCFA 50 million to FCFA 300 million for second degree micro fiancé institutions and from 25 million to 150 million for third degree institutions and the minimum number of members for first degree institutions moves up to 100.
The Inspector General of Services, Aboubakar Njikam representing the Governor, said the micro fiancé sector is very important in Cameroon’s economic development in that it keeps the savings of the poor but they crumble like a pack of cards plunging customers into further misery.
Reason why the government stepped in to regulate and cleanse the sector. Cameroon’s microfinance sector is the most vibrant in CEMAC region he said saying that there are 412 authorised micro finance institutions in Cameroon with a volume of savings amounting to 233.507 billion and credit volume of 143.265 billion. The sector, he said, therefore plays an important role in the fight against poverty.
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