Moving from a micro-
finance institution
to a bank is not
only difficult but
also takes a lot of time. But one
Microfinance institution Cré-
dit Communautaire d’Afrique,
CCA, has braved the odds to
be qualified as the 15th bank
in Cameroon. As per Central
Africa Banking Commission (CO-
BAC) text, any microfinance
that thinks merits to become a
bank, writes an application to
the control institution. Going
by COBAC’s regulations, FCFA
10 billion is the minimum capital
the would-be bank should have.
The reinforcement of internal
and external security system is
another must-fulfilled condition.
In this case, the use of public
security agents is obligatory
while the building should be
sophisticated and save construc-
ted following COBAC norms
and under strict supervision.
The Director of Financière
d’Epargne et de Crédit (FINEC),
Alban Clovis Fogang, disclosed
that the information system of
the bank should not only go for
all operations, but should be
automatic as well. In addition to
the aforementioned conditions,
the microfinance institution
must enter into partnership
with foreign banks and also
have enough money to give
out as loan. The management
of the would-be bank equally
has to change following COBAC
regulations.
Alban Clovis Fogang, Director
General of FINEC intimated that
the reinfor...
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