(Business in Cameroon) - Credits granted in H2 2018 within the Cemac area grew to nearly XAF4,797 billion, up XAF297 billion (+6.59%) from the first half, a Beac report says.
According to the document, Cameroon and Gabon were top providers granting about 87% of the total amount. XAF2,887 billion, or 60% of monies, was from the first country while the second granted 27% or XAF1,302 billion. Congo and Chad accounted for 7% and 3%, respectively, followed by E. Guinea (2%) and CAR (1%). Most of the funds (99.33%) were provided by banks ; this represents XAF4,465 billion. The 7 non-bank financial institutions identified in the region accounted only for 0.67% (XAF32 billion) of total credit granted over the period reviewed.
Beac indicated that the uptick in the H2 2018 was linked to seasonal increase in demand for credits due to year-end holidays and school loans. Yet, the Central Bank says whole-year credit activity was down 6.07% compared to 2017. Total 2018 credit amounted to XAF9,297 billion against XAF9,897 billion the previous year.