Cameroon - Microfinance institutions

Promoting Cameroon's productive private sector is a key focus of the National Development Strategy (NDS30). The State must establish an optimal, conducive, and incentive framework for the development of entrepreneurship, particularly among priority targets: young people and women.

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Cameroon has 402 licensed microfinance institutions. These companies are spread across 10 regions. At the end of 2021, 401 microfinance institutions in Cameroon were established in the Northwest and Southwest regions, with 35 first-tier microfinance institutions, 75 second-tier microfinance institutions, 2 third-tier microfinance institutions, and 290 network microfinance institutions, representing 72,131 microfinance institutions out of a total of 402 licensed microfinance institutions. The sector has demonstrated its ability to offer services appropriate to the needs of previously unbanked populations.

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It provides short-term financing to finance the operating needs of producers and traders, the cash flow of SMEs, and consumer spending. Microfinance has emerged as an important sector of the national economy today. It is the best vehicle for mobilizing funds for populations operating on the margins of the traditional banking sector, particularly poor households, individual businesses, SMEs, and mutual aid associations. The microfinance sector in Cameroon is varied and diverse.

It is full of several players, the main ones being savings and credit cooperatives, mutual insurance companies, financial associations, and public limited companies. It all operates within a well-defined legal framework. The government has tightened the legislation governing personal financial data in order to effectively expand existing legislation to include microfinance institutions and other payment service providers. Developments in the technology and financial sectors have, in fact, increased the risk of cybercrime.