(Business in Cameroon) - The Cameroonian Moïse Nzemen is no more the managing director of the country’s mutual savings bank. Indeed, Cobac, Central Africa’s banking sector’s watchdog withdrew the executive’s license since July 2017, while Cameroon’s authorities placed the financial institution under provisional administration, credible sources revealed.

Cameroon’s mutual savings bank thus is the third lender to be placed under provisional administration in the last ten months, after Crédit Mutuel, in December 2016, and “Caisse d’épargne et de crédit pour l’entrepreneuriat au Cameroun” (Cecec SA), this year.

Microfinance institutions in Cameroon, despite their significant roles in loan access, remain quite fragile. So, to end management malpractices that occur in these institutions, Cobac is elaborating new measures to improve the management structure.

BRM