(Business in Cameroon) - Cameroon plans to increase the number of banks and microfinance institutions operating in its territory twofold, according to the 2020-2030 national development strategy. "The offer of financial services will be boosted by the implementation of a program aimed at transforming microfinance institutions into commercial or retail banks to increase the number of banks from 16 to 30 by 2030. The program will also make sure all the retail banks comply with the rules on the minimum guaranteed banking service," the development strategy informs.
Also, in light of the rising popularity of Islamic finance worldwide, the country plans to encourage the central bank (BEAC) and the banking commission (COBAC) to regulate Islamic finance to diversify the financing offer.
Besides, the strategy expects to boost financial inclusion by developing and increasing the number of microfinance institutions. In that regard, the government will help them develop their activities in all of the 10 regions, ensure their financial stability (boost their agency networks) and strengthen their supervision.
The number of institutions operating in the country could rise from 500 in 2017 to 750 in 2030, the strategy projects.