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Cameroon: CDEC partners with digital solution provider Sopra Banking Software

Cameroon: CDEC partners with digital solution provider Sopra Banking Software
  • Comments   -   Thursday, 14 September 2023 18:41

(Business in Cameroon) - Cameroon’s National Deposit and Consignment Fund (CDEC) reached a deal last September 12 with the digital solution provider Sopra Banking Software. Through this agreement, CDEC will acquire its partners’ Amplitude operating system to accelerate the digitalization of its operationalization process.

As a reminder, the launch of this process began on January 20, 2023, with the appointment of the public body’s first leaders. This is 15 years after the law of April 14, 2008, governing deposits in Cameroon, complemented by the decree of April 15, 2011, on the organization and functioning of CDEC. Since taking office, the leaders of the state agency have held two board meetings, which have allowed for decisions on the 2023-25 strategic plan, the adoption of the company's budget, and the organization of the oversight committee's operation. The officials of this state-owned company have also drafted the implementing regulations of the law governing deposits and consignments in Cameroon, awaiting signature by the Prime Minister.

According to official texts, CDEC's mission is to collect, secure, and make long-term profit from resources that are generally "idle" so that they are directed towards supporting public policies. These resources come from regulated savings, deposits by notaries or legal professions, administrative deposits, and guarantees, funds from National Savings Banks or Social Security Funds, retirement funds, and retirement schemes for insurance and guarantee funds.

For the time being, the resources allocated to CDEC are managed by other entities such as court registries, the Public Procurement Regulatory Agency, the Ministry of Public Contracts, or the private sector, such as banks, insurance companies, notaries, and bailiffs. Since January 2023, CDEC officials have been working with these actors to obtain their transfer. For example, the company has initiated awareness-raising meetings with them to encourage their participation in the reform. It should be noted that the involvement of these actors, which is not yet guaranteed, is necessary for achieving the objectives set for the public entity.

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