TOPROC launches Cameroon’s first banking franchise system

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Toproc Franchise System

Toproc Franchise System

Cameroon’s first ever microfinance franchise has been launched by Tourism Promoters Savings and Loans Cooperative Finance (Toproc). This was announced by Bongfeng Emmanuel Board Chair of Toproc, during a one day workshop at the Mondial Hotel on Saturday July 20. 2013.

Toproc has hired the services of an international management consulting firm, Tamco Systems, that designed and would assist to implement the franchise scheme.

According to Eugene Yakum, General manager of Tamco Systems, during his presentation, the Toproc franchise system “Is the systematic and replication of a microfinance model with a primary objective to extend its microfinance licence to existing and newly created microfinance institutions that do not have a licence of their own as well as would like to benefit from a banking system that that has been tried and tested”

Benefits of the scheme includes, reduced risk  for the franchisee as he expands his business in an already tried and tested field, the use of an established client base, marketing and Training support of the franchisor and Exclusive territories and Purchase power by the franchisee amongst others.

Toproc under the system would carry out over 150 hours classroom instruction and in store training of franchisee staff, integrate its proprietary computer system and software to its, assist in business planning and development, produced and advertise and market resources and provide IT support and technical expertise

Mr Yakum presenting the Franchise scheme

Mr Yakum presenting the Franchise scheme

Eugene Yakum also announced that the Toproc franchise would be bonded by nine core values which are the System component, Structure and organization, Identity and branding, Banking standards and services, Information technology, Training and support, advertising standards, Value added services and Diaspora services

Membership of the franchise is open to any individual or cooperate body willing and wishing to follow the strict guidelines and benefit from the numerous advantages offered. To register cost 100 000 CFAF, and 5 million CFAF as franchise fee. This would go to cover all the training cost, services offers, IT solution, technical assistance, and advice amongst many others.

Responding to concerns about the franchise operating the same like the CamCCUL network, Mr. Yakum said there are very different in nature. He said CamCCUL is a network of independent Microfinance institutions that have been licenced but decided to come under CamCCUL umbrella to function. But the Toproc franchise systems is open to individuals or cooperate bodies that do not have a licence, or are facing difficulties getting approval, but that want to operate a microfinance institution, there would adhere to the franchise agreement and standards, open it as a branch of Toproc anywhere in Cameroon, be guaranteed the exclusive market, and only pay their dues and taxes.

Toproc started in 1999 as a Common Initiative Group (CIG), transformed into a loans corporative in 2002, then into a category II microfinance institution in 2005. In 2012, Toproc hired the services of a Consulting firm following a difficult start to its operation. The diagnoses came out with several key proposals and recommendations, one of which is the franchise scheme today. Toproc’s head office is found in Bamenda along the Commercial Avenue, opposite the MRS fueling station.

By Abongwa Fozo

2 Responses to TOPROC launches Cameroon’s first banking franchise system

  1. Enaf carls burge July 24, 2013 at 6:46 am

    Initiative worthpromoting. Gives young biz guys opportunity to enter into biz in a difficult sector and country 

  2. Zeroman July 24, 2013 at 6:43 am

    I pray this is not another scam to swindle cameroonians of their hard earned cash. Goverment should exercise full control of such a process

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