Crédit Populaire wants to move to the 2nd category

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The members of the Cameroon savings and credit cooperative (Ecpc) still called popular credit, want to take another step. This microfinance institution (Emf) of 1time category has announced its desire to move to the next higher category (2and category). A transformation that will take place at the end of the joint ordinary and extraordinary assembly convened for September 23 in Douala.

According to the agenda, the members will proceed to the approval of the financial statements of the Crédit Populaire exercise, closed on December 31, 2019, then to its dissolution, in accordance with article 60 of its statutes, followed by the determination of the allocation of its assets and liabilities. Subsequently, the program provides for a General Meeting to establish Crédit Populaire SA, Emf of 2and category. During this meeting, the shareholders will proceed with the creation, then the adoption of the statutes of the new establishment, the election of the members of the board of directors and its chairman, the appointment of the auditor and the allocation of powers. required.

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To be included in the list of 2nd category Emfs in Cameroon, Crédit Populaire must comply with the relevant regulations. Indeed, the new regulation (2017) of the Central African Banking Commission (Cobac) provides that the share capital of MFIs of 2and category, increases from 50 million to 300 million by 2021, according to the schedule below: 100 million on 1er January 2018, 150 million FCfa on 1er January 2019, 200 million on 1er January 2020, and 300 million FCfa on 1er January 2021.

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For the 3and category, Cobac plans to increase the share capital from 25 to 150 million, i.e. 50 million on 1er January 2018, 75 million on 1er January 2019, 100 million on 1er January 2020 and 150 million on 1er January 2021. In these innovations, Cobac does not mention any change for microfinance from 1time category. In general, this type of Emf does not require a minimum capital or endowment. This category proceeds just to the collection of the savings of its members which it employs in credit operations, exclusively for the benefit of these (associative, cooperative, mutualist type). It should be noted that in 2018, the number of microfinance institutions (EMF) authorized to carry out their activities on Cameroonian territory was 412, compared to 500 in 2015.

Read also : The MEC goes to 2and category

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