Ernest Sumelong
28 August 2008
The unethical and unprofessional practices of some micro-finance institutions in the country might soon be curbed following a sensitisation crusade by the Banking Commission for Central African States, COBAC, to fight the ills.
COBAC recently started a nationwide evangelism to sensitise promoters of micro-finance institutions in Cameroon on the laws regulating their practice.In one of its sensitisation meetings in Limbe, Southwest Province, on August 21, COBAC representatives urged promoters of these institutions to professionalise so that the sector does not become an all-comers affair.
The meeting, which involved Fako based micro-finance institutions, aimed principally to acquaint stakeholders with new laws regulating micro-finance institutions. The new laws, The Post learnt, were published since 2002 but have hardly been implemented.
The record rise of micro-finance institutions in the country and the dwindling credibility of some of the outfits have become worrying. Some people open and close down micro-finance outfits within a short period leaving its clients frustrated.
The Sub-director of Microfinance in the Ministry of the Economy and Finance told reporters, after the meeting, that they are concerned about the unprofessional practices of some micro-finance institutions. He stated that irregular micro-finance institutions could be liquidated in the near future if they do not rewspect the regulations in place.
However, he said micro-finance institutions play an important role in fighting poverty and, so, should be encouraged and sensitised on the right thing to do.Most of the participants who spoke to The Post agreed that the sensitisation meeting was most timely.
One of the participants, Simon Ekwede Metuge, the Buea Branch Manager of First Trust, enthused that he learned many new things he and many others did not know. He said he was pleased with the fact that he was provided an English version of the COBAC text unlike the French one he had which he could hardly appreciate.
On her part, the Mutengene Branch Manager of Express Savings & Credit Cameroon, Esther Wanduku, corroborated Ekwede that they had learned new things.After Limbe, the COBAC team would continue in other parts of the Southwest beginning with Kumba.
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