(Business in Cameroon) - Compagnie équatoriale pour l’épargne et l’investissement (Comeci) just published a minute of its general assembly. This minute indicates that the Douala-headquartered microfinance institution lost XAF8.281 billion, eight times its social capital, during the 2017 fiscal year.

This huge loss is due to the failure of forced debt recovery. In a bid to save the institution, the interim administrator has been authorized to increase its capital by raising XAF3 billion in sequence according to the situation and Comeci’s needs.

Because of the difficulties experienced by Comeci since 2016, on January 16, 2018, the Central African region’s banking commission COBAC decided to place it under provisional administration. Bernard Mvogo was then appointed as the interim administrator for a 6-month mandate. It seems that things have not changed.

S.A