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Yaoundé - 15 December 2018 -
Microfinance

About 700 microfinance institutions operate within CEMAC (COBAC)

About 700 microfinance institutions operate within CEMAC (COBAC)
  • Comments   -   Monday, 09 July 2018 12:51

(Business in Cameroon) - By December 31, 2017, 700 accredited microfinance institutions were operating within CEMAC. According to their aggregated data, those institutions’ assets is CFA1,158 billion. This was revealed by COBAC, the banking sector’s regulatory agency within CEMAC. The total deposit in those institutions was CFA907 billion and the total loan was CFA582 billion.

The regulator explained that many of those institutions grew in constant relation with the progression of this activity within CEMAC.

However, despite this performance, the quality of the loan portfolio worsened (about CFA106 billion of bad loans). COBAC was then forced to take preventive and consolidation measures towards some of these microfinance institutions. Indeed, according to the regulator, aggregates reveal the necessity to strengthen surveillance in the sector due particularly to some counter-performances which could affect the region’s financial stability.

S.A

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