logoBC
Yaoundé - 29 November 2023 -
Finance

World Bank to grant CCA-Bank a CFA10bn loan for MSME financing

World Bank to grant CCA-Bank a CFA10bn loan for MSME financing
  • Comments   -   Wednesday, 03 May 2023 15:58

(Business in Cameroon) - The International Finance Corporation, World Bank’s private arm, announced talks with CCA-Bank to help the bank improve financing to micro, small and medium-sized enterprises (MSMEs) in Cameroon. If the deal is validated, CCA Bank will receive a 6-year loan of €16.6 million (about CFA10 billion) from the IFC.

According to its plans, the beneficiary will focus primarily on supporting women-led MSMEs. The bank says it will use its network of 45 branches across the country to reach this category of clients who are often marginalized by the banking system. The loan will be complemented by IFC's advisory services to support CCA-Bank’s development and help it strengthen its key frameworks, we learned.

The approval of this international financing for the former microfinance institution should enable it to further position itself on the Cameroonian credit market. Only five years after its transition from microfinance to a bank, the subsidiary of Afrigroup Holding (58.5%), founded by Cameroonian businessman Albert Nkemla, is already one of the top 10 biggest lenders in the market with outstanding loans of CFA230 billion as of January 31, 2023.

cameroon-cncc-and-apme-equip-150-agri-food-smes-in-douala
The National Council of Shippers of Cameroon (CNCC) and the Agency for the Promotion of Small and Medium-sized Enterprises (APME) provided equipment to...
cameroon-grapples-with-persistent-inflation-at-7-7-double-the-regional-tolerance-limit
Cameroon’s national stats agency INS issued a report indicating that the country’s average annual inflation rate in October 2023 reached 7.7%. Although...
customs-resume-goods-auctions-at-the-port-of-kribi-after-a-two-year-break
An auction of goods will be held at the port of Kribi on December 8, according to a November 21 press release signed by Norbert Belinga, head of customs...
cameroon-s-stakeholders-finalize-creation-of-cotton-interprofession
From November 23 to 26, 2023, stakeholders in the cotton sector, including the Cotton Development Company (Sodecoton), the National Confederation of...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »