(Business in Cameroon) - In Cameroon, spurred by private companies, individuals and insurance companies, bank deposits increased by 13.6% year over year by end June 2019 to XAF4,678.7 billion, the ministry of finance reveals.
Most of these deposits were made by individuals. Their share during the period under review increased by 2 points to 41.6%. Deposits made by private companies rose from 20.3% to 24.2% while those from the core public administration and public companies dropped from 12.2 to 9.1% and 6.2 to 5.2% respectively. Overnight deposits were the highest during the period under review, representing 79.4% of the deposits while savings certificates and term deposits constitute 20.6% of the volume.
The ministry of finance reminds that at December 31, 2018, the deposits were XAF4,442.3 billion, an increase by 10.7% compared to the volume of deposits in 2017. According to the ministry, the rise was spurred by private companies and individuals as well as the entrance of CCA Bank into the banking sector.