(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