418 microfinance institutions licenced in Cameroon for 2015

Finance

418 microfinance institutions licenced in Cameroon for 2015

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- Friday, 15 May 2015 02:59

(Business in Cameroon) - Finance Minister, Alamine Ousmane Mey, has just published a list of microfinance institutions (MFIs) authorised to operate in Cameroon. There are a total of 418 for 2015 compared to over 500 last year. In a year, almost one hundred were removed from the official accredited list due to various lacks.

In February 2014, the Finance Minister had already published a list of 84 MFIs operating illegally and had urged their promoters to comply with regulations in effect.

Notwithstanding these difficulties, microfinance officially accounted for 15% of loans granted in the national financial sector. This sector also contributes to improving the rate of banking development due to the establishment of MFIs even in rural areas.

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