(Investing in Cameroon) – with the purpose of higher supervising microfinance institutions (EMF) in issue, and even in liquidation, the Minister of Finance, Louis Paul Motaze (Photograph), launched, on April 17, a name for purposes to recruit monetary consultants licensed to make sure the features of directors or liquidators of those institutions. In line with the Minister, this initiative is “throughout the framework of the applying of regulatory provisions and the implementation of measures geared toward selling and sanitation of the sector”.
This venture goals to construct a abilities base to oversee, restructure or, if essential, liquidate EMF in disaster, in accordance with the texts in power within the Financial and Financial Neighborhood of Central Africa (CEMAC). In line with these guidelines, solely the Central African Banking Fee (COBAC) is empowered to nominate a provisional administrator for an EMF in issue.
“The Cobac is pronounced the provisional administration of an EMF on personal referral or on the initiative of social leaders or financial authority, and appoints an advert hoc chief as a provisional administrator,” recollects Louis Paul Motaze. Neighborhood laws additionally specify that the appointment should be produced from a listing beforehand established by the Nationwide Financial Authority, or failing that, on Cobac’s personal initiative.
It’s with this in thoughts that the Ministry of Finance is dedicated to constituting a listing of certified monetary consultants, who can even be capable of train the perform of liquidator if essential. “Beneath the precept of transparency within the actions carried out by the State, and bearing in mind deficits nonetheless noticed within the microfinance sector, this motion goals to advertise the designation of certified individuals, whereas valuing native abilities and strengthening the conformity of the EMF,” explains the Minister.
In line with information from the Ministry of Finance, Cameroon had 378 microfinance institutions accredited on April 30, 2024.
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