4 December 2012

Cameroon: Microfinance National Strategy Underway

Microfinance is an important sector and a vital component for economic growth in Cameroon since it touches nearly all aspects. To make their services worthwhile and profitable to both stakeholders and the population, the Ministry of Finance in partnership with the United Nation's Development Programme UNDP, organised a workshop to draw up a national strategy document for microfinance institutions. The national strategy will sensitise the public and stakeholders on the methodology and working calendar for active participation. The national strategy will strengthen the microfinance sector to ensure a lasting delivery of financial services in order to reduce poverty and boost job creation.

Speaking during the launching, the Minister of Finance, Alamine Ousmane Mey said without a strong visible strategy, it will be difficult to organise action. "Based on the strategies drawn by stakeholders, we will be capable to define each action in the different domain concerning microfinance activities," he added. The ministry, he added, wants an inclusive situation where those in the rural settings will equally have access to financial services offered by microfinance institutions.

To the UNDP Resident Representative, Steven Ursino, they are working within the context of a national framework for economic growth where they will engage in discussion with the government to determine exactly how they can best support government actions in the execution of the action plan during the next five years.

It is worth noting that there are over 500 microfinance institutions in Cameroon serving about 1,500,000 customers. These microfinance institutions mobilised FCFA 374 billion and gave out FCFA 223 billion as loan in 2010.

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