The Minfi denies the closure of Microfinance establishments in Cameroon

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For a few days, the media and social networks had made their headlines. The Minfi put an end to the rumour: “The Minfi formally denies the allegations of the closure of 34 EMF”. In his press release made public on Tuesday March 15, 2022, Louis Paul Motaze indicates that “such allegations are likely to discredit the microfinance sector, the stability of which is gradually strengthening thanks to the rehabilitation actions undertaken and led by Public powers “.

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The Minfi takes advantage of the situation to recall “for all practical purposes” that “the publication of the list of approved MFIs remains and remains an exclusive prerogative of the Monetary Authority, according to an appropriate formalism and in accordance with the regulatory provisions which govern it. “. Louis Paul Motaze then reveals that “the related procedures are in progress on behalf of the first quarter of 2022”.

Recognizing that “this situation is somewhat compromising”, the Minfi reassures the customers of MFIs and invites them to “serenely pursue their banking operations”.

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Finally, the Minfi press release recalls that “the reorganization actions undertaken in concert with the sub-regional control bodies, the National Economic and Financial Committee (CNEF) and the National Association of MFIs (Anemcam) will continue in the perspective of strengthening the stability of the sector”.

As a reminder, according to a list of approved MFIs in Cameroon drawn up by the microfinance division of the General Directorate of the Treasury and Monetary and Financial Cooperation of the Minfi, as of June 30, 2019, the country had 419 MFIs.

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