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MINFI Evaluates Report on Demand and Supply of Financial Services in Cameroon
Category :- Economy and Finance Author :- Fonban Emmanuel 
Posted on June 18, 2018, 5:51 pm

The Minister of Finance, Louis Paul Motaze, last week Thursay, 14 June 2018 chaired a workshop at Hilton Hotel to evaluate the feedback of the report on the demand and supply of the financial services in Cameroon. This workshop was motivated by his mission to strengthen and develop the financial sector in Cameroon so as to improve cash flow from government coffers to right quarters. It was on this note that the Finance Ministry in collaboration with the United Nation Capital Development Fund and the United Nation Development Programme, in 2017 sponsored FINSCOPE to study the demand and supply of financial services in Cameroon.

In his opening speech, the Finance Minister, Louis Paul Motaze, thanked all those who have relentlessly work hand in glove with the Cameroon government in its emergence plan and the fight against poverty.

He said in other to meet up with challenges with the current financial concerns, the government has put in place reforms to strengthen the microfinance sector as an alternative means for quality financial systems.

However, experts gave appreciations of the feedback report, though Cameroon has more to do.

“Cameroon is not at the top but not also at the bottom.  Cameroon is at the middle of the countries where we conducted these studies. For the Central African region, Cameroon is at the top but if we compare to other countries like Rwanda, Malawi, South Africa, I think that there is something to do in terms of improving financial services” said Mathieu Soglonou, United Nation Capital Development Fund Adviser.

He said to improve on the financial services, Cameroon need to work on implementing financial education for the population and design programmes that will align with agriculture, youths and local farmers

 

On the other hand, the gap between the poor and the rich has been increasing in Cameroon in recent times, owing to the abject poverty within some confined class of people.

souvenir photo taken at the end of the workshop

“The government has a role to make available financial services available to all the population. But we noticed that, there is just a part of a population who benefits from these finances. We tried to find out the cause of the problem with the study of the demand and supply of financial services.The issue is that for rich people, they don’t have any problem. The problem is for those who have no income. So in this we want to see how to take those who have low income to benefit from financial services. This is why we have this strategy” said  Ndzana Nduga Victor, the coordinator of the National Strategic Programme for Financial Inclusion.

To him, he believed that making finances available for small projects could save Cameroon from the troubles in financial services. The challenge is therefore on the side of the finance minister, to use the feedback report in creating workable reforms that will better the financial systems in Cameroon such that they are more inclusive.

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