(Business in Cameroon) - As it is the case with traditional banks, the reimbursement of loans granted by “Crédit Foncier Cameroun”, Cameroon’s housing bank, is quite problematic. “Unfortunately, clients don’t understand the importance of loan’s repayment”, says Jean Paul Missi, managing director of this financial institution. The executive was expressing himself during a training session of his management team by the experts of Cobac, CEMAC’s banking sector’s regulatory body.
According to M. Missi, this is harmful to the operations of Crédit Foncier du Cameroun in the way that “when a client does not reimburse a loan, it is hard to grant a new loan to another client. It is also hard to effectively apply the social housing policy”.
In its 37 years of existence, the CFC has granted CFA261 billion of loans, enabling the construction of 69,500 housings and the development of more than 15,700 building plots. The country’s social housings deficit is officially estimated at 1.3 million units.