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Yaoundé - 14 July 2020 -
Finance

Cameroon takes the first step to improve management and client protection in microfinance institutions

Cameroon takes the first step to improve management and client protection in microfinance institutions
  • Comments   -   Wednesday, 06 May 2020 13:40

(Business in Cameroon) - Cameroon’s Ministry of Finance has sent a restricted international call for tender to four firms from Benin, Senegal, Nigeria, and Spain for the recruitment of "technical assistance specialized in social performance management, client protection and governance in microfinance institutions (MFIs)."

The expected deliverables include a comprehensive diagnostic study of the sector in terms of social performance, client protection, and governance of these financial institutions and the development of a roadmap for the implementation of measures to improve them.

According to the ministry, the firms pre-qualified to carry out these services have a period of two months following receipt of the tender documents to send their bids to the Cameroonian government.

With a loan portfolio estimated by the Ministry of Finance at XAF839.14 billion (22.90% bank loans) at the end of 2019, the microfinance sector plays a key role in financing the Cameroonian economy, especially in rural areas.

However, these institutions are confronted with major management problems as the numbers- that have stopped operations in recent years due to such problems- can prove.

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