logoBC
Yaoundé - 30 September 2023 -
Finance

In 2017, only 10% of Cameroonians aged 15 and older had bank accounts (Minfi)

In 2017, only 10% of Cameroonians aged 15 and older had bank accounts (Minfi)
  • Comments   -   Friday, 28 September 2018 14:53

(Business in Cameroon) - In Cameroon, just 10% of the population aged at least 15 had a bank account in 2017. This was revealed by the finance ministry (Minfi) in a “FinScope” survey, which aimed at assessing the levels of access to and use of financial services across the country.

According to the document, financial inclusion is relatively low in Cameroon. Indeed, people widely preferred informal credit (11%) over formal credit (3%). In addition about 10% of the focus population received credit from relatives or friends.

Consumer education and financial education are serious concerns in Cameroon, mainly in the insurance sector, where most adults lack financial literacy,” the study said.  About 51% of adults surveyed pointed out the need for financial education training, mainly on how to save and the benefits of financial products. Meanwhile, 45% do not seek financial advice although due to lack of financial information.

Only 29% of those aged 15 and over use mobile money service while the mobile penetration rate was 76%. This means, the digital financial inclusion can still be improved. This is all the more important, because Mobile Money is a relatively new financial product with huge potential,” the FinScope mentioned.

S.A

douala-to-welcome-first-air-algerie-flight-next-october-12
The Algerian national airline, Air Algérie, is preparing for its first flight from Algiers to Douala on October 12. This information was revealed by the...
beac-governor-calls-for-vigilance-against-counterfeit-banknotes
Only a few months after their release, forgers have already found a way to make the counterfeit versions of the new range of banknotes put into...
cuy-to-take-full-charge-of-financing-waste-collection-in-yaounde
The Yaoundé Urban Community (CUY) plans, in its new model, to start providing 100% of the financial resources needed for waste collection in the...
waste-collector-hysacam-could-lose-market-share-in-yaounde-again
Cameroon's waste collection company, Hysacam, could face a further reduction in its market share in Yaoundé in the coming months. Hysacam, along with...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »