34 Micro-Finance Banks banned in Cameroon

 

Some Cameroonians now have a sigh of relief after Finance Minister, Alamine Ousmane Mey, took a radical decision recently to suspend some 34 Micro Finance banks in the country. The suspension believed by many to be timely, was necessitated after it was discovered that some of the banks have been operating without valid licenses.

But even those with valid licenses were equally suspended because they were found to have conned and swindled many citizens of their hard-earned money. According to the narration, they will set up shop, woe people to invest money into it and then close shop and disappear.

 A few months ago, clients of one of the micro-finance houses at Mvog-Mbi in Yaounde, were stranded when they came to carry out business transactions. They were told that the staff and owners of the finance house have folded up and nowhere to be found.

 “At least we can now relax knowing that somehow, our money is save with other finance houses authorized to operate.” Said Basil Mbong, a Yaounde resident who narrowly escaped from one of such charlatan banks in Kumba. The bank had folded up just after he was tipped to withdraw all his savings from it.

 As a result of the cancelation of their licenses, the 34 institutions have been banned from carrying out any micro-finance activity in Cameroon. The minister has also appealed to the public to abstain from carrying out any form of financial transaction with them.

The full list:

  1. Société coopérative la caisse d'épargne pour l'investissement de proximité du Cameroun (SCECIPCAM)
  2. 2- Société coopérative d'épargne et de crédit d'investissement des microréalisations du Cameroun (SCECINKAP)
  3. 3- La caisse mutuelle pour la promotion de l'épargne et le crédit (CAMAPEC)
  4.  4- National corporate fund (NCF)
  5.  5- Crédit national du Centre (CRENAC)
  6. 6- Fonds d'épargne et de crédit d'investissement pour le développement (FECID)
  7. 7- Caisse nationale pour la promotion de l'investissement (CNPI)
  8.  8- Caisse de crédit et d'épargne pour le développement (CACED)
  9. 9- Mutuelle plus Cameroun (MPG)
  10. 10- Coopérative de l'épargne et le crédit des femmes de l'Est (COOPEC- FEMEST)
  11. 11- Financière femmes (FF)
  12. 12- Solidarity savings and loans cooperative society union (SSLCU)
  13. 13- BIZ Finance group PLLC
  14. 14- Société coopérative d'épargne et de crédit pour l'investissement et le développement (CECID)
  15. 15- Société coopérative d'épargne et de crédit d'assistance et de financement des projets du personnel salarié au Cameroun (COMFINA)
  16. 16- Zion credit Financing
  17. 17- Société coopérative d'épargne et de crédit pour la promotion des petits exploitants ruraux du Cameroun (Solidarité épargne)
  18. 18- Société coopérative d'épargne, de crédit et d'appui aux retraités (Capital-Union)
  19. 19- Providence savings ans loans corporative society LTD (PRESLCO)
  20. 20- Crédit coopérative équatoriale (CCE)
  21. 21- Caisse communautaire des montagnes (CCM)
  22.  22- Société coopérative d'épargne et de crédit pour le financement du développement du Cameroun (COFIDEC)
  23. 23- Société coopérative d'épargne et de crédit des fonds mutuels populaires du Cameroun (FOMUP Cameroun)
  24. 24- Société coopérative des agriculteurs (La Camerounaise des agriculteurs)
  25.  25- Atlantic trust savings and loans co-oparative society (Atlantic trust)
  26.  26- Société coopérative d'épargne et de crédit de micro-financement au Cameroun (COOPEMIF)
  27.  27- Compagnie financière de l'estuaire du Cameroun (CO-FINEST)
  28. 28- Global Business Financial (GBF)
  29. 29- Société coopérative de micro finance africaine pour le crédit et l'épargne communautaire au Cameroun (MACE-COM)
  30. 30- Société coopérative d'épargne et de crédit pour l'investissement et de développement de la région Babimbi du Cameroun (COFIBA)
  31.  31- Centrale d'épargne et de crédit de l'Ouest (CECO)
  32. 32- Société coopérative d'épargne et du crédit
  33. 33- Fonds commun aux organismes de base (FOCAOB)
  34. 34- Crédit confiance

CameroonJournal.com

 

 

 

2 Responses to 34 Micro-Finance Banks banned in Cameroon

  1. alacata pepper July 28, 2013 at 12:14 am

    mmmmm if this was done with a genuine intention, then kudos

  2. Enaf carls burge July 24, 2013 at 6:49 am

    For once kudos to the goverment for doing something right. Just organize free and fair elections and we would pardon ur wrongs

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