(Business in Cameroon) - Cameroon intends to boost its bancarization rate from 12.2% to 80% by 2030, according to the 2020-2030 national development plan.
To achieve this, the country plans to initiate measures to substantially increase the volume of bank loans to economic actors from 15.9% of GDP (in 2018) to at least 70% of GDP in 2030. The measures are namely tailored towards the improvement of offers from the Central Bank, commercial or retail banks, micro-finance institutions, and Islamic banks.
For the time being, the country's bancarization rate is lower compared to the African average of 29% (this rate is almost 100% in industrialized countries). Moreover, with the ratio of loans to economic actors being 15.9% of GDP (in 2018) and money supply being 23.5%, the current financial system is inadequate for industrialization in the country, the development strategy informs. Indeed, in some South Asian countries, the ratio of loans to economic actors is 119.4% and the money supply is 124%.