Cameroon – Finance: Cameroon is ranked 11th country in Africa in the promotion of financial inclusion

Written by Deckson N.

Entitled “The Global Microscope 2016: The enabling environment for financial inclusion“, the report of the British analysis and research group The Economist Intelligence, published earlier this month of November, ranks Cameroon in 11th place in Africa, in terms of promoting financial inclusion.

On the analysis, this study is based on 12 indicators for evaluation of the regulatory framework for financial inclusion in 55 countries in Africa, Asia, Latin America, the Caribbean and Eastern Europe, pays tribute to the Cameroonian regulatory mechanism that enabled the launch in the country of mobile banking.

Indeed, while the banking rate in the country was just over 10% last 5 years, it is approaching 20% today, thanks in large part to the advent of mobile money services offered by the two major operators of mobile telephony that are Orange and MTN; which also make possible transaction from bank accounts to mobile accounts.

According to official figures, the two market leaders in mobile telephony in Cameroon combine today a fleet of nearly 5 million users of mobile money services to a population of over 20 million inhabitants; anything that helped boost financial inclusion in the country.

At the same time, we recall that in 2013, the Cameroon government imposed banking services to all state employees, whose salaries were higher or equal to 100,000 CFA francs, contributing to access a good part of the 260,000 public officials to banking services.

It may also be mentioned among the ingredients of financial inclusion in Cameroon, the promotion of the microfinance sector, with about 500 accredited structures on the territory in 2016.

As ranked by The Economist Intelligence Unit, Tanzania, Kenya and Rwanda are the three African leaders in financial inclusion.

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Deckson N.

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