The Beac wants to examine the conditions for exercising microfinance in Cemac

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The situation of the sector of microfinance institutions (EMF) in the Cemac zone is of concern to the Bank of Central African States (Beac). In a report entitled “Macroeconomic Impact of Microfinance Institutions in Central Africa” ​​published on March 24, 2022, by the Central African Banking Commission (COBAC), it appears that as of December 31, 2019, the microfinance sector in Cemac has 627 approved and active MFIs, divided between Cameroon (419), the Central African Republic (10), Congo (56), Gabon (18), Equatorial Guinea (2) and Chad (122).

In view of the constantly growing number of MFIs, the CEMAC authorities updated, in 2017, the regulatory framework governing “the operation of the microfinance sector through Regulation No. 01/17/CEMAC/UMAC/ COBAC of September 27, 2017 relating to the conditions of exercise and control of the microfinance activity in CEMAC” validated by Cobac.

Read also: Fight against money laundering: less than 10% of Cameroonian microfinance institutions carry out an internal risk assessment (Minfi)

In order to examine this reform 5 years after its implementation, the Beac launched a call for tenders to secure the services of a consultant for the occasion. Although the fees for these advisory services have not been disclosed, the money-issuing institution nevertheless informs that it intends to use part of the credit requested from the International Development Association (for the financing of the capacity building project for CEMAC regional financial institutions) for payments.

Read also: In Cameroon, microfinance establishments called upon to save their data in the cloud

Objectives of diagnosis

The evaluation of the regulatory reform aims to identify the difficulties faced by MFIs in the application of this reform. Thus, this diagnosis will make it possible to formulate proposals aimed at the optimal implementation of the reform. To carry out this mission, the consulting firm services should draw up a questionnaire giving rise to an interview with the managers of the MFIs. It should also be mentioned that the social bodies to be chosen in each country should include efficient and less efficient MFIs, belonging to the different regions of each country… Moreover, “bidders wishing to subcontract with local companies must present the names and references of all proposed subcontractors. can we read on the notice of expression of interest. It should be noted here that the deadline for submitting expressions of interest written (only) in French is July 11, 2022 (at the latest, editor’s note). With a start scheduled for August 2022, the works should last six (6) months maximum.

Also read: Cameroon to extend banking secrecy to microfinance and Mobile Money operators

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