Thinking up ways to reinforce the capacity of
the micro banking sector to ensure lasting financial services, boost job
creation and trim poverty nibbling away the lives of a growing number of micro entrepreneurs was
the core of a one-day workshop in Yaoundé recently.
The workshop that brought together stakeholders
in the micro finance sector also sought to educate the public on the National
Micro Finance Strategy.
The minister Finance Alamine Ousmane Mey said
at the opening of the workshop that microfinance institutions would
significantly cut poverty if they are well harnessed.
Micro finance establishments make it possible
for those who are unable to get financial services through conventional banks
to meet their needs, reason why a national strategy to check credible
operations in the sector is essential, he added.
The Minister of Finance said based on the
strategy, “we will be able to define each action in the different domains
concerning this activity.
“Micro finance establishments are an extension
of the banking sector which is not available in rural areas for instance, and
we want to make sure our financial system is an inclusive one,” the minister
said adding that all Cameroonians would have access to financial services
wherever they are.
In view of moving on with the Poverty Reduction
Strategy Paper adopted in 2009, Cameroon is poised to improve grass root
financial services.
“We have to make sure that the people who are
in charge of the operation are professionals and that they have the necessary
equipment, sound organization, sound regulation and the financial assistance
they need to deliver” minister Ousmane Mey said.
Experts say the economic progress in sub
Saharan Africa for the past decades has been closely associated with their
small scale savings and investments.
The development of the national strategy for
microfinance with the inclusion of mainstream banking is championed by the
Ministry of Finance in partnership with the United Nations Development Program
(UNDP), the International Fund for Agricultural Development (IFAD) through the
Rural Micro Finance Support Development Project (PADMIR). The United Nations Capital Development Fund
(UNCDF) is throwing its weight behind the initiative by providing technical
assistance.
Cameroon is home to over 500 micro finance
establishments which serve more than 1.5million people.
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