(Business in Cameroon) - The International Finance Corporation (IFC), World Bank's private investment arm, announced November 21 it has signed a $1.6 million (nearly CFA1 billion) agreement with Atlantic Financial Group Central and East Africa (AFG C&EA) to increase access to digital financial services for low-income people, small entrepreneurs and rural populations in Cameroon.

“Access to formal credit can boost small entrepreneurs and farmers, and the development of financial inclusion is an essential component of inclusive economic growth. Digital financial services are increasingly available in Cameroon, but more needs to be done to develop financial inclusion,” said Mehita Sylla, IFC representative in Cameroon.

Thanks to this three-year consulting project, IFC will help Digital Business Solution (DBS), AFG C&EA's digital arm, to develop a broad network of agent banking services and launch digital savings, loan and insurance products.

IFC said, AFG C&EA, which is active in the country via two subsidiaries Banque Atlantique and Atlantique assurances, “will thus become a top-tier provider of integrated digital financial services”.

“The initiative will support emerging entrepreneurs and contribute to the sustainable and inclusive economic growth needed to meet today's challenges and ensure the future of coming generations. It will pave the way for similar developments of the Atlantic Group in other African markets,” said Koné Dossongui (photo), Chairman of the Board of Directors of the Atlantic Group.

Brice R. Mbodiam