(Business in Cameroon) - Starting from January 2018, microfinance institutions operating within CEMAC have up to two years to comply with the new regulations governing their activities. This was revealed by COBAC at the end of the seminar organized to present the regulation.

This regulation, more strict in terms of monitoring, management, minimum operating capital as well as the profile of the management, was presented to the managers of microfinance institutions on June 26, 2018, in Yaoundé in the presence of Abbas Mahamat Tolli, governor of BEAC and president of COBAC.

The governor reminded that microfinance institutions play an important role in banking within CEMAC. He further revealed that this burgeoning activity needs to be structured for effective supervision.

According to experts, many institutions will close doors since not all the actors in the sector would be able to comply with the new regulations. Among these actors are many adventurers like the institutions placed under provisory administration or institutions which closed their doors recently leaving their customers in disarray.

BRM