The National Financial Credit (NFC) Bank has partnered with the Small and Medium-sized Enterprises Promotion Agency following a convention signed on October 17, 2019, in Yaounde.
One of the commercial banks operating in Cameroon, National Financial Credit (NFC) Bank, has moved to support the Small and Medium-sized Enterprises Promotion Agency (APME) in easing access to funding for Small and Medium-sized Enterprises (SMEs) in the country. Both entities signed a partnership convention in Yaounde, October 17, 2019. While Jean Marie Louis Badga, Director General of APME signed for his agency, the General Manager of NFC Bank, Julius Berdu Manjo, penned for his institution.
The main objective of the deal is to get better financing for SMEs. It paves the way for the commercial bank to join other financial institutions which have extended a hand to the government in making SMEs veritable creators of wealth and employment.
Going by the partnership, NFC Bank and APME will closely work to facilitate access to finance for SMEs in Cameroon. Their joint actions will revolve around: sensitization and communication, capacity building to promote managerial and financial governance, facilitation of access to finance, the development and promotion of solutions and innovative mechanisms which favour access to finance for SMEs, amongst others.
NFC Bank, by the deal, has taken the engagement to put at the service of SMEs privileged products and specifically adapted services. The bank will also inform APME of all studies and analysis it carries out related to the SME sector as well as product and services it will design for SMEs. In addition, the bank is expected to research and develop programmes for massive financial inclusion of SMEs and alternative finance solutions for SMEs. The General Manager of NFC Bank said they will financially support SMEs with respect to their institution’s corporate social responsibility and loan policy.
Jean Marie Louis Badga told Cameroon Tribune the deal is important to the agency as it pursues its mission of promoting and coaching SMEs. “The deal is fruit of broad-based concertation between the bank and the agency and we hope it continues on a good pedestal,” he said.