REPUBLIC OF CAMEROON REPUBLIQUE DU CAMEROUN

PEACE - WORK - FATHERLAND PAIX - TRAVAIL - PATRIE

NATIONAL ECONOMIC AND FINANCIAL COMMITTEE

GENERAL SECRETARIAT

2021 ANNUAL REPORT

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 H.E. PAUL BIYA
President of the Republic

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 Mr. Joseph DION NGUTE
Prime Minister, Head of Government

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 A WORD FROM THE NEFC PRESIDENT

Mr. Louis Paul MOTAZE

Minister of Finance, NEFC President

The year 2021 witnessed a recovery in global economic growth to 6.1% from -3.1% in 2020, despite the
persisting effects of the COVID-19 health crisis. At national level, the economic growth rate improved from
0.5% in 2020 to 3.6% in 2021 thanks to the vitality observed in all business sectors.
In that context, the development of the banking sytem activities further strengthened, with an increase in the
total balance sheet by 15.4%, in deposits collected by 15.9%, in loans granted by 9.3%, and in Net Banking
Income (NBI) by 13.6%. The quality of the loan portfolio improved, with the gross delinquency rate falling from
16.6% to 14.9%. As regards financial companies, their total assets increased by 2.0% and loans by 0.8%.
However, deposits fell by 1.5% and the gross delinquency rate declined from 60.4% in 2020 to 58.4% in 2021.
In terms of access to financial services, the banking services coverage rate for the adult population improved
from 21.2% in 2020 to 22.4% in 2021, while the density of the banking network remained stable at 1.3 branches
per 100 000 inhabitants in 2021.
The microfinance sector continued to expand its activities and improve its portfolio quality. Total assets
increased by 16.4%, deposits by 16.6% and loans by 19.8%. The volume of gross overdue loans increased by
15.1%, but decreased from 23.1% as at December 31st, 2020 to 22.4% as at December 31st, 2021.
The insurance sector activities witnessed, among others, the introduction of new, more secure motor insurance
certificates and the continued upgrading of the minimum share capital of non-life insurance companies to 5
billion.
With regard to the financial market, following the merger of the two stock exchanges, the activities recorded at
the level of CEMAC treasury securities and the stock exchange compartment were strengthened.
It is in such a context that, notwithstanding the health restrictions, the NEFC implemented its 2021 activity
programme. To that end, it held three sessions, namely February 16 th, August 9th and November 9th , 2021 .
The General Secretariat successfully carried out the actions in its activity programme, in particular the
computerization of the NEFC accounts, the study on the creation of a guarantee fund for SMEs and that on the
preparation of a financial sector development plan.
In 2022, the NEFC will: (i) finalize the study on the creation of a guarantee fund for SMEs; (ii) continue the
deployment of the application for calculating and archiving the Annualized Percentage Rate of Charge (APR)
and the Usury rate (UR) for 2nd and 3rd category MFIs; (iii) complete the study on the preparation of the
financial sector development plan; and (iv) set up a bank tariff comparator in Cameroon.

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TABLE OF CONTENTS
A WORD FROM THE NEFC PRESIDENT .......................................................................................................... 3
TABLE OF CONTENTS ...................................................................................................................................... 4
LIST OF GRAPHS ................................................................................................................................................. 6
LIST OF BOXES .................................................................................................................................................. 6
ACRONYMS AND ABREVIATIONS ................................................................................................................ 7
I. ORGANIZATION OF THE NATIONAL ECONOMIC AND FINANCIAL COMMITTEE
(NEFC) ................................................................................................................................................................. 11
[Link] ..................................................................................................................................................... 12
I.1.1. Economic Function of the Committee ...................................................................................................... 12
I.1.2. Legal functions of the Committee ............................................................................................................ 13
I.2. NATIONAL ECONOMIC AND FINANCIAL COMMITTEE ORGANIZATION .............................. 14
I.2.1. The decision-making body .................................................................................................................... 14
1.2.2. Technical committees of the National Economic and Financial Committee .................................... 16
II. ACTIVITIES OF THE NATIONAL ECONOMIC AND FINANCIAL COMMITTEE ........................ 20
II.1 OBJECTIVES ASSIGNED TO THE NEFC ............................................................................................. 21
II.2 SESSIONS OF THE NATIONAL ECONOMIC AND FINANCIAL COMMITTEE ........................... 22
II.2.1. NEFC session of February 16th, 2021 ..................................................................................................... 22
II.2.2. NEFC session of August 9th, 2021 .......................................................................................................... 23
II.2.3. NEFC session of August 9th, 2021 ........................................................................................................... 24
III. ACTIVITIES OF THE NEFC GENERAL SECRETARIAT ......................................................................... 25
III.1 TECHNICAL COMMITTEES SESSIONS ............................................................................................. 26
III.2. AUDIENCES GRANTED BY THE SECRETARY GENERAL ........................................................... 28
III.3. TECHNICAL MEETINGS ...................................................................................................................... 28
III.4. SEMINARS AND CONFERENCES ....................................................................................................... 29
III.5. MISSIONS ................................................................................................................................................. 29
III.6. ADMINISTRATION OF NEFC PLATFORMS .................................................................................... 30
III.6.1. CIP-FIBANE-CASEMF platform......................................................................................................... 30
III.6.2. APR application ...................................................................................................................................... 34
III.6.3. National Directory of Movable Securities (RNSM) ............................................................................. 34
IV: SECTORAL NOTES PREPARED BY THE GENERAL SECRETARIAT ........................................... 35
IV.1. NOTE ON THE SITUATION OF THE BANKING SECTOR ............................................................. 36
IV.1.1. Situation of banks ................................................................................................................................... 36
IV.1.2. Situation of financial institutions ........................................................................................................... 50
IV.2. MICROFINANCE SECTOR ASSESSMENT ........................................................................................ 56
IV.2.1. Microfinance sector mapping ................................................................................................................ 56
IV.2.2 Intermediation ......................................................................................................................................... 58
IV.2.3. Transformation ....................................................................................................................................... 66
IV.2.4. Supervision .............................................................................................................................................. 67
V. EVALUATION OF THE 2021 ACTIVITY PROGRAMME..................................................................... 69
ANNEXES : ......................................................................................................................................................... 72

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LIST OF TABLES

Table 2.1: Items discussed during the February 16th, 2021 session...................................................................... 22
Table 2.2: items discussed during the August 9th, 2021 session........................................................................... 23
Table 2.3: items discussed during the August 9th, 2021 session........................................................................... 24
Table 3.1: Sessions of the Steering Committee in charge of monitoring the creation of a Guarantee Fund for
SMEs in Cameroon ............................................................................................................................................... 26
Table 3.2: Sessions of the Steering Committee in charge of setting up an IT platform for processing NEFC
accounting operations ........................................................................................................................................... 26
Table 3.3: Sessions of the Covid 19 Pandemic Response Committee ................................................................. 26
Table 3.4: Sessions of the Commission for the review of the NEFC annual report for the year 2020 ................. 27
Table 3.5: Sessions of the Committee on the Report on Currency and Credit in Cameroon ............................... 27
Table 3.6: Sessions of the Committee in charge of analysing the applications for the opening of branches and
counters of microfinance institutions .................................................................................................................... 27
Table 3.7: Sessions of the Steering Committee in charge of monitoring and implementing the Financial Sector
Development Plan for Cameroun. ......................................................................................................................... 27
Table 3.8: Session of the Task Force for the management of the online TEG simulator ..................................... 28
Table 3.9: Status of the main data reported in the CIP-FIBANE-CASEMF platform ......................................... 31
Table 3.10: Volume of loans declared by reporting entities in the APR application (in billion CFAF) .............. 34
Table 3.11: Statistics on entries in the RNSM per type of security ...................................................................... 34
Table 4.1: Banking services coverage rate and banking network density ............................................................ 39
Table 4.2: Trend in Bank consolidated balance sheet .......................................................................................... 40
Table 4.3: Banks' cash position in the currency market (in billion) ..................................................................... 41
Table 4.4: Banks' consolidated off-balance sheet (in billion) .............................................................................. 41
Table 4.5: Evolution of the consolidated income statement of banks .................................................................. 42
Table 4.6: Bank activity indicators ...................................................................................................................... 43
Table 4.7: Breakdown of deposits per type (in billion) ........................................................................................ 43
Table 4.8: Breakdown of loans per type ............................................................................................................... 44
Table 4.9: Presentation of the transformation coefficients of the Cameroonian banking market......................... 46
Gaps ...................................................................................................................................................................... 46
Table 4.10: Banks' Annual Percentage Rate charged in 2020 and 2021 (in %) ................................................... 47
Table 4.11: Annualized percentage rate charged by banks per activity sector (%) .............................................. 48
Table 4.12: Balance sheet of financial institutions ............................................................................................... 52
Table 4.13: Off-balance sheet items of financial institutions ............................................................................... 53
Table 4.14: Annualized percentage rate charged by financial companies in 2020 and 2021 (in %) .................... 55
Table 4.15: Annualized percentage rate charged by financial companies per activity sector (%) ....................... 56
Table 4.16.:Breackdown of MFI branches per zone ............................................................................................. 56
Table 4.17. Breakdown of MFIs branches per region .......................................................................................... 57
Table 4.18. MFIs balance sheet total (in billion CFAF) ...................................................................................... 58
Table 4.19: Trend in MFIs' deposits (in billion CFAF)........................................................................................ 59
Table 4.20: Evolution of deposits per term (in billion CFAF) ............................................................................. 59
Table 4.21. Trend in loans granted by MFIs (in billion CFAF) ........................................................................... 59
Table 4.22. Trend in loans granted per term (in billion CFAF) ............................................................................ 60
Table 4.23: Trend in Overdue debts (in billion CFAF) ........................................................................................ 61
Table 4.24: Social Performance: Ranking of the 10 best performing MFIs out of the 140 assessed in 2021 ...... 63
Table 4.25: Trend in the risk coverage ratio (in %) ............................................................................................. 63
Table 4.26: Trend in the operating efficiency ratio (in %) ................................................................................... 64
Table 4.27: Trend in debt/equity ratio (in %) ....................................................................................................... 65
Table 4.28: Trend in the operating self-sufficiency ratio (in %) ......................................................................... 66
Table 4.29: Trend in the loan/deposit ratio .......................................................................................................... 66
Table 4.30: Trend in the long and medium term loans to sight deposits ratio ...................................................... 67
Table 4.31: COBAC Decisions on MFIs .............................................................................................................. 67
Table 5.1: Evaluation matrix for the 2021 NEFC activity programme ................................................................ 70
Table A1: Directory of licensed credit institutions as at end of 2021 .................................................................. 72
Table A2: Geographical breakdown of bank branches in 2021 ........................................................................... 74
Table A3: List of branches of microfinance institutions authorized to open in 2021 ........................................... 75
Table A4: List of reporting institutions registered with the NEFC in 2021 ......................................................... 75

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LIST OF GRAPHS

Graph 4.1: Number of bank branches per region ................................................................................................. 36

Graph 4.2: Trend in the number of Automated Teller Machines (ATMs) ........................................................... 37
Graph 4.3. Trend in the banking services coverage rate and the density of the banking network in the strict
sense ...................................................................................................................................................................... 38
Graph 4.4. Trend in the banking services coverage rate and the density of the banking network in the broad
sense ...................................................................................................................................................................... 38
Graph 4.5: Breakdown of deposits ...................................................................................................................... 44
Graph 4.6: Breakdown of loans per type ............................................................................................................. 45
Graph 4.7: Network of financial companies per region in 2020 and 2021 .......................................................... 52
Graph 4.8: Breakdown of licensed MFIs per rural and urban areas .................................................................... 57
Graph 4.9: Geographical breakdown of microfinance institutions ...................................................................... 57

LIST OF BOXES

Box 1.1: Introduction of the members of the National Economic and Financial Committee as at December 31st,
2021 ...................................................................................................................................................................... 15
Box 1.2: Organizational chart of the General Secretariat of the National Economic and Financial Committee as
at December 31st, 2021.......................................................................................................................................... 19
Box 3.1: NEFC IT platform .................................................................................................................................. 32
Box 4.1: Calculation of the Annualized Percentage Rate (APR) and the usury rate ............................................ 49
Box 4.2: Presentation of the major COBAC prudential ratios .............................................................................. 50
Box 4.3: Weight of the microfinance sector in the financial sector ...................................................................... 61

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ACRONYMS AND ABREVIATIONS

ACEP Agence de Crédit pour l’Entreprise Privée

AFB Afriland First Bank
AFD French Development Agency
AFI Amicale Finance S.A.
AFIB ACE Finance of Business
ANEMCAM National Association for Microfinance Institutions in Cameroon
APECCAM Professional Association for Credit Institutions in Cameroon
APESA African Private Equity and Saving
ASAC Association for Insurance Companies in Cameroon
BAC Banque Atlantique Cameroun
BAD African Development Bank
BEAC Bank of Central African States
BGFI Banque Gabonaise et Française Internationale
BIC Credit Bureau
BICEC Banque Internationale du Cameroun pour l’Epargne et le Crédit
BID Islamic Development Bank
BVMAC Central African Securities Exchange
CAMCCUL Cameroon Cooperative Credit Union League
CAMED Caisse Mutuelle Évangélique pour le Développement
CAMPOST Cameroon Postal Services
CAPEF Chamber of Agriculture, Forestry and Livestock
CASEMF Framework for the Analysis and Monitoring of Microfinance
Institutions
CBC Commercial Bank of Cameroun
CCA Crédit Communautaire d’Afrique
CCC PLC Community Credit Cooperative Limited
CCEC Caisse Camerounaise d’Epargne et de Crédit
CCEFI Caisse d’Epargne et de Financement
CCIMA Chamber of Commerce, Industry, Mines and Crafts
CCM Caisses Communautaires des Montagnes
CCPC Crédit Coopératif Participatif du Cameroun
CDC BOMTOK Crédit de Développement Communautaire du Cameroun de BOMTOK
CDS Crédit du Sahel S.A
CEC Caisse d’Epargne du Credit
CECAW Cooperative d’Epargne et de Credit des Artisans du Wouri
CECIC Crédit et Epargne pour le Financement du Commerce et de l’Industrie
du Cameroun
CEFA Caisse d’Épargne et de Financement en Afrique
CEMAC Economic Community for Central African States
CEPI Caisses d’Épargne Populaire et d’Investissement
CERBER System for the Collection, Processing and Return of Regulatory Data to
Banks
CFC Cameroon Housing Loans Fund

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CIFOPE
CIP Payment Incidents Board
CITEF City Trust Credit Fund
CMDC Crédit Mutuel du Centre SA
NEFC National Economic and Financial Committee
COBAC Banking Commission of Central Africa
COMECI Compagnie Équatoriale pour l’Épargne et le Crédit d’Investissement
CONADIE Compagnie Nationale pour le Développement de l'initiative
Economique
COSUMAF Stock Exchange Monitoring Commission of Central Africa
CPM Monetary Policy Committee
CREMF Risks Board for microfinance Institutions
CT Short term
DAB Automated Teller Machine
DGI Directorate General of Taxation
DGTCFM Directorate General of Treasury, Financial and Monetary Cooperation
DSF Statistical and Fiscal Declaration
EC Credit Institution
EMF Microfinance Institution
EN Far North (Region)
ES East (Region)
EUF Express Union Finance
F CFA Franc de la Coopération Financière en Afrique Centrale
FH Financial House
FIBANE National Banking File for Enterprises
FIGEC La Financière Générale d’Épargne et de Crédit
FMI International Monetary F
FNG Fosic Nkap Ngon SA
FNM Microfinance National Fund
FOCEP Fonds Camerounais d’Epargne pour le Progrès
FODEC Fonds de Développement de l’Epargne et du Crédit du Cameroun
GAB Automated Teller Machine
GECEFIC La Générale de Caisses pour l'Épargne et le Financement au Cameroun
GIC Common Initiative Groop
GICAM Cameroon Employers’ Organization
GIMAC Interbank Electronic Banking Consortium of Central Africa
IDE Foreign Direct Investment
IDEV Société d’Investissement pour le Développement
INS National Institute of Statistics
IPSF Financial Services Price Index
KFC Kingston Financial Crédit
LIT Littoral (Region)
LT Long Term
MC2 Mutuelle Communautaire de Croissance
MIGEC Société Coopérative d’Initiation à la Gestion d’Épargne et du Crédit du

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 Cameroun SA
MINEPAT Ministry of Economy, Planning and Regional Development
MINFI Ministry of Finance
MINMIDT Ministry of Mines, Industry and technological Development
MINPMEESA Ministry of Small and Medium-Sized Enterprises, Social Economy and
Craft
MINPOSTEL Ministry of Posts and Telecommunications
MIX Microfinance Information Exchange
MT Medium Term
MUGFIC Mutual Guarantee Financing Company Plc
MUFID Mutuelle Financière de Developpement
NFC-BANK National Financial Credit Bank
NO North (Region)
NOFIA Nouvelle Financière Africaine
NW North West (Region)
OHADA Organization for the Harmonization of Business Law in Africa
OU West (Region)
PADMIR Rural Microfinance Development Support Programme
PA-SNFI Support Programme to the National Strategy for Inclusive Finance
PED Developing Country
PIB Gross Domestic Product
PME Small and Medium-Sized Enterprise
PMEAA Support Programme for Agricultural and Agri-Food Small and
Medium-Sized Enterprises
PNB Net Banking Income
RIC Rural Investment Credit
ROA Return On Assets
ROE Return On Equity
RECCUCAM Renaissance Cooperative Credit Union in Cameroun
RNSM National Directory of Movable Securities
S.A Public Limited Company
SBMG Guaranteed Minimum Banking Service
SCB Société Commerciale de Banque
SCBC Standard Chartered Bank Cameroon
SCE Société Camerounaise d’Equipement
SCEC Société Camerounaise d’Epargne et de Crédit SA
SEND Balance of Undisbursed Commitments
SFI International Finance Corporation
SFMR Rural World Funding Company
SGC Société Générale Cameroun
SMAC Electronic Banking System in Central Africa
SMI Interbank Electronic System of Central Africa
SNI National Investment Company
SOFINA Société Financière Africaine
SOFINED Société Financière et d'Épargne pour le Développement

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SRC Cameroon Debt Collection Agency
SW South West (Region)
TCER Annualized percentage Exchange Rate
TDM Maximum Debit Rate
TDR Terms of reference
TEG Annualized Percentage rate
TIAO Tender Interest rate
TOPROC Tourism Promoters Saving and Loans Cooperative Finance
TPE Very Small Enterprise
TVA Value Added tax
TU Usury Rate
UBA United Bank for Africa
UBC Union Bank of Cameroon
UE Express Union
UFC Univers Finances Cameroon
UMAC Monetary Union of Central Africa
UNICS Unity Cooperative Society

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I. ORGANIZATION OF THE NATIONAL ECONOMIC AND
FINANCIAL COMMITTEE (NEFC)

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[Link]

Pursuant to Article 3 of Regulation n°03/2019/CEMAC/UMAC/CM of December 12th, 2019

on the creation, organization and functioning of National Economic and Financial
Committees in CEMAC, "the National Economic and Financial Committees are national
advisory bodies on monetary, banking and financial matters. As such, they can: i) issue
opinions; ii) make recommendations; iii) carry out studies; iv) and in general, accomplish all
other missions falling under their attributions".
Thus, to fulfil those missions, the National Economic and Financial Committees, abbreviated
as NEFCs, have two (2) major functions, one of that is economic, as provided for by Articles
8, 9, 16, 17, 18 and 19 of the above-mentioned regulation, and the other that is legal, as
provided for by Articles 10, 11, 12 and 13 of the said text.

I.1.1. Economic Function of the Committee

Article 8 provides that "the NEFC shall study and propose to the Ministry in charge of money
and credit all general measures aimed at:
 ensuring the coordination of the national economic policy with the shared
monetary policy
 stimulating the mobilization of national savings by the banking and financial
system
 Promoting financial inclusion ;
 improving the accessibility, transparency and understanding of information for
consumers of financial services;
 optimizing the allocation of internal resources to achieve economic goals;
 strengthening the efficiency of the banking and financial system and improving its
methods organization".
Article 9 provides that "NEFCs are responsible for issues related to developing the financial
sector and, more specifically, to relations among customers and credit institutions, funding
companies, payment institutions, microfinance institutions, insurance companies, brokerage
firms and portfolio management companies.
To that end, the NEFC shall:
 draw up and propose to the Ministry in charge of currency and credit, BEAC,
COBAC and COSUMAF action plans to improve access to quality financial
services and the development of capital markets
 pay particular attention to financial education, in coordination with national
authorities, while ensuring that information for consumers of financial services is
accessible, legible and clear.
 Ensures, in accordance with the regulations in force, on the one hand, mediation
in disputes among credit institutions, finance companies, payment institutions,
microfinance institutions, insurance companies, stock exchange companies and

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 portfolio management companies and, on the other hand, between these
institutions and companies and their respective customers"
I.1.2. Legal functions of the Committee
The legal functions of the National Economic and Financial Committee are defined under
Articles 10, 11 and 12.
To that end, Article 10 provides that " As part of their attributions and subject to the powers
entrusted to the Central Bank or to COBAC, the NEFCs may be consulted on any draft
legislative or regulatory instrument relating to the activity of credit, microfinance and
payment institutions as well as insurance companies, especially as regards:
 the conditions for networks deployments, in particular, the opening and closing
of branches and counters
 the conditions governing the transactions that those institutions may carry out, in
particular the conditions charged to customers;
 the publication of credit institutions accounts;
 the conditions for competition ;
 the organization of shared services within the profession ».
Article 11 stipulates that "At the initiative of the Ministries in charge of currency and credit,
the NEFCs may be consulted on:
 draft Regulations and Decisions enacted by BEAC, COBAC or COSUMAF or
any other body acting within their field of competence;
 the orientations of the lending policy as well as the funding of economic
programmes
 the conditions for domestic and external borrowings adopted by States as well as
public administrations;
 the financial behaviour of non-financial agents;
 the States direct or indirect financial interventions such as the acquisition or
disposal of public shareholdings, subsidies, tax benefits and the issuing of
guarantees”.
Furthermore, under Article 12, "NEFCs may be consulted by the Ministries in charge of
currency and credit on individual decisions or on agreements, authorizations or waivers that
they take or grant by virtue of the banking regulations within CEMAC, subject to the
attributions falling within the competence of COBAC", and finally, Article 13 provides that
NEFCs are empowered to allocate registration numbers to licensed credit, microfinance and
payment institutions. Thus, in addition to the licence that is mandatory for credit,
microfinance and payment institutions to exercise their activities, those institutions are
required to apply for a registration number from the NEFC special registry.

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I.2. NATIONAL ECONOMIC AND FINANCIAL COMMITTEE ORGANIZATION

For the purpose of performing its duties, the NEFC is made up of :

- A decision-making body ;
- Technical Committees ;
- An executive body (the General Secretariat).

I.2.1. The decision-making body

The Committee is chaired by the Minister in charge of currency and credit (Minister of
Finance), while the Minister in charge of Economic Affairs (Minister of the Economy,
Planning and Regional Development) and, if necessary, the Minister in charge of Industry
(Minister of Industry, Mines and Technological Development), act as vice-chairs. The
National Director of the Bank of Central African States acts as Secretary General and
Rapporteur.
In addition to the President, the Vice-President and the Secretary General, the Committee is made up
of the following members:
- the Governor of the Bank of Central African States;
- the Secretary General of the Banking Commission of Central Africa (COBAC);
- the President of the Central African Financial Market Supervisory Commission
(COSUMAF) or his representative;
- the General Manager of the Central African Securities Exchange (BVMAC) or his/her
representative;
- the Head of the Central African Financial Market Central Depository or his/her
representative;
- the Director General of the Treasury, Financial and Monetary Cooperation;
- the representatives of the State within the Monetary Policy Committee;
- two members appointed by the Government of the country;
- one member appointed by the Economic and Social Council or any other equivalent;
- the Director General in charge of Statistics or the Director General of the National
Institute of Statistics;
- the President of the Professional Association of Credit Institutions in Cameroon
(APECCAM);
- the President of the Association of Investment Companies or his/her representative;
- the President of the Professional Association of Microfinance Institutions in Cameroon
(ANEMCAM);
- the President of the Association of Insurance Companies in Cameroon (ASAC);
- the President of the Professional Association of Stock Exchange Companies, where
applicable
- the President of the Professional Association of Portfolio Management Companies;
- the President of the Professional Association of Payment Institutions, where applicable;
- the President of the Association of Consumers of Banking and Financial Services;
- the President of the Cameroon Employers’ Organization (GICAM);
- the representative of the Credit Information Bureaus, if any;
- two members designated by consular chambers (Agriculture, Commerce and Industry,
etc.);
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- a representative of the universities and research centres designated by the President of the
NEFC.
Box 1.1: Introduction of the members of the National Economic and Financial Committee as at December 31st, 2021

President :
Louis Paul MOTAZE, Minister of Finance ;
Vice-President: ALAMINE OUSMANE MEY, Minister of the Economy, Planning and
Regional Development;
Other members: Gabriel DODO NDOKE, Minister of Industry, Mines and Technological
Development
ABBAS Mahamat TOLLI, Governor of BEAC ;
Dieudonné EVOU MEKOU, Vice Governor of BEAC ;
HALILOU YERIMA Boubakary, Secretary General of COBAC ;
NAGOUM YAMASSOUM, President of the Central African Financial
Market Supervisory Commission (COSUMAF);
Zacharie NGOUMBE, Representative of the Economic and Social
Council;
Adolphe NOAH NDONGO, Technical Advisor to the Presidency of the
Republic
ASSIGA ATEBA, Technical Adviser to the Prime Minister Office;
Sylvester MOH TANGONGHO, Director General of the Treasury,
Financial and Monetary Cooperation in the Ministry of Finance;
Roger TSAFACK NANFOSSO, member representing Universities and
Research Centres;
Jean Claude NGBWA, Director General of the Central African Stock
Exchange (BVMAC);
Joseph TEDOU, Director General of the National Institute of Statistics
(NIS);
Martin Paul MINDJOS MOMENY, President of the Chamber of
Agriculture, Forestry and Livestock (CAPEF);;
Alphonse NAFACK, President of APECCAM ;
Christophe EKEN, President of the Chamber of Commerce, Industry,
Mines and Crafts (CCIMA);
Thierry KEPEDEN, President of ASAC ;
Célestin TAWAMBA, President of GICAM ;
Gabriel NGAKOUMDA, member of the Monetary Policy Committee
(MPC) ;
NFORM SHEY, President of the National Association of Microfinance
Institutions in Cameroon (ANEMCAM);
ABOUBAKAR SALAO, Representative of the Central African
Financial Market Central Depository ;
Jean Bernard BOUGUEN, Representative of the Association of
Consumers of Banking and Financial Services ;

Secretary General : Blaise Eugène NSOM, National Director of the BEAC.

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1.2.2. Technical committees of the National Economic and Financial Committee

As provided for by Article 25 of the above-mentioned Regulation, "the NEFCs may set up
technical committees from among their members, whose composition and powers they shall
determine. (...)". To that end, three (03) committees have been set within the NEFC. They are
:
I.2.2.1. The Economic and Financial Studies Committee, responsible for economic
and financial studies
This Committee is made up of:
 President: The President of the Cameroon Employers ‘Organization (GICAM).

 Members :

 The representative of the Ministry of Finance (MINFI);

 the representative of the Ministry of Economy, Planning and Regional Development
(MINEPAT);
 the representative of the Ministry of Mines, Industry and Technological Development
(MINMIDT);
 the Deputy National Director of BEAC in charge of coordinating the activities of the
NEFC General Secretariat;
 the Head of Department in charge of the NEFC General Secretariat;
 the representative of the Bank of Central African States (Central Services-BEAC);
 the representative of the General Secretariat of the Banking Commission of Central
Africa (COBAC);
 the representative of the Monitoring Commission for the Central African Financial
Market (COSUMAF) ;
 the representative of the Central African Stock Exchange (BVMAC);
 the representative of the Chamber of Commerce, Industry, Mines and Crafts (CCIMA)
 the representative of the Chamber of Agriculture, Fisheries, Livestock and Forestry
(CAPEF);
 the representative of the Professional Association of Credit Institutions in Cameroon
(APECCAM);
 the representative of the National Association of Microfinance Institutions in
Cameroon (ANEMCAM);
 the representative of the Professional Association of Insurance Companies (ASAC)
 any other person by virtue of his /her competence.

I.2.2.2. Regulatory Committee, in charge of studies on banking regulations

This Committee is made up of:
 President : The Director General of the Treasury, Financial and Monetary Cooperation
(DGTCFM) at the Ministry of Finance.

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 Members :
 The Deputy National Director of the BEAC in charge of coordinating the activities of
the General Secretariat of the NEFC;
 the representative of the Ministry of Finance
 the representative of the Ministry of Justice
 the representative of the Ministry of the Economy, Planning and Regional
Development (MINEPAT)
 the representative of the Ministry of Mines, Industry and Technological Development
(MINMIDT)
 the representative of the auditors Chamber;
 the representative of the Bank of Central African States (Central Services-BEAC);
 the representative of the General Secretariat of the Banking Commission of Central
Africa (COBAC)
 the representative of the Monitoring Commission for the Central African Financial
Market (COSUMAF)
 the representative of the Central African Stock Exchange (BVMAC)
 the representative of the Cameroon Employers ‘Organization (GICAM)
 the representative of the Chamber of Commerce, Industry, Mines and Crafts
(CCIMA)
 the representative of the Chamber of Agriculture, Fisheries, Livestock and Forestry
(CAPEF)
 the representative of the Professional Association of Credit Institutions in Cameroon
(APECCAM)
 the representative of the National Association of Microfinance Institutions in
Cameroon (ANEMCAM)
 the representative of the Professional Association of Insurance Companies (ASAC)
 the Head of Department in charge of the NEFC General Secretariat
 any other person by virtue of his or her competence.

I.2.2.3. Committee for the Report on Currency and Credit, responsible for the
preparation of the Report on Currency, Credit and the Functioning of the Banking and
Financial System

That Committee is made up of:

 President : the National Director of the BEAC.

 Members :

 the Deputy National Director of the BEAC in charge of coordinating the activities of
the General Secretariat of the NEFC;
 the representative of the Ministry of Finance (MINFI);

17
  the representative of the Ministry of the Economy, Planning and Regional
Development (MINEPAT)
 the representative of the Ministry of Mines, Industry and Technological Development
(MINMIDT)
 the representative of the National Institute of Statistics (INS)
 the representative of the National Directorate of the Bank of Central African States for
Cameroon
 the representative of the Bank of Central African States (BEAC Central Services)
 the representative of the General Secretariat of the Banking Commission of Central
Africa;
 the Head of Department in charge of the General Secretariat of the NEFC;
 the representative of the National Insurance Directorate at the Ministry of Finance
 the representative of the Professional Association of Credit Institutions in Cameroon
(APECCAM)
 the representative of the Professional Association of Insurance Companies
 the representative of the National Association of Microfinance Institutions in
Cameroon (ANEMCAM).
In addition to those technical committees, there is an Arbitration Commission set up as per
Order No. 000005/MINFI of January 13th, 2011 setting up the Minimum Guaranteed Banking
Service.
I.2.3. The General Secretariat of the National Economic and Financial Committee
The General Secretariat of the Committee is the executive body of the NEFC. It is
coordinated by the Secretary General, who is responsible for preparing and monitoring the
implementation of the NEFC decisions.
To that end, the NEFC General Secretariat is structured as follows, into five (5) sections:
- Accounting and Management Section
- Banking and Finance Section
- Economics and Statistics Section
- Legal Section ;
- IT and Communication Section.

18
Box 1.2: Organizational chart of the General Secretariat of the National Economic and Financial
Committee as at December 31st, 2021

Secretary General : Blaise Eugène NSOM, National Director of BEAC

1st Deputy National Director of BEAC Achille ZOGO NKADA

Head of Department: Robert Christian Serge MEBENGA M’ENAM

Section Coordinator: Félix FAHA, Head of Division

Accounting and Management Section: Alfred ASHU, Accountant

Banking and Finance Section: Joseph EVAGLE DIME : Economist, Head of Section

Sonia WANKO, Economist

Cécile Sandrine ALIGUI,Financial Analyst
Doris Hortense ADA,Financial Analyst
Franck Sigfried ABATE EDI’I, Financial Analyst

Gaston DIKWE, Statistical Engineer, Head of Section

Economics and Statistics Section:
Sylvia ABAH ABOMO, Administrative Officer

Christophe Raoul BESSO, Econometrist

Jean Parfait BEKONO MBASSA, Legal Officer, Head of

Legal Section: Section

René Christian MBIDA ONANA, Financial Analyst

Computer and Communication Section: Georges Yannick KEEDI GOUIFFE, Computer Engineer,
Head of Section

Herman Albert MEKONTSO TCHINDA, Computer Engineer

19
II. ACTIVITIES OF THE NATIONAL ECONOMIC AND FINANCIAL
COMMITTEE

20
II.1 OBJECTIVES ASSIGNED TO THE NEFC

The activities of the NEFC are structured around the following nine (9) strategic objectives:
Strategic Objective 1: Study and propose all measures of a general nature to : (i) (i) ensure the
harmonization of the national economic policy with the Community monetary policy; (ii)
stimulate the mobilization of national savings by the banking and financial system; (iii) promote
financial inclusion; (iv) improve the accessibility, transparency and understanding of information
intended for consumers of financial services; (v) optimize the allocation of the State's internal
resources for the achievement of economic goals; (vi) strengthen the security and efficiency of
the banking and financial system and improve the its methods organization.
Strategic Objective 2: Give opinions on (i) draft regulations and decisions enacted by BEAC,
COBAC or COSUMAF or any other body acting in their field of competence; (ii) credit policy
guidelines and economic programmes funding (iii) the conditions for domestic and external loans
issued by the State and public administrations; (iv) the financial behaviour of non-financial
agents; and (v) direct or indirect State financial interventions, such as the acquisition or sale of
public shareholdings, subsidies, tax benefits and guarantee issuance.
Strategic Objective 3: Give opinions on draft legislative or regulatory instruments relating to the
lending activity of credit, microfinance and payment institutions as well as to insurance
companies, especially with regard to: (i) the conditions for implantation of networks, particularly
as regards opening and closing of branches and counters; (ii) the charges on transactions to be
carried by those institutions, in particular the charges applied to customers transactions; (iii) the
publication of those institutions’ accounts ; (iv) the conditions for competition and (v) the
organization of shared services within those professions:
Strategic Objective 4: Give opinions on individual decisions or agreements, authorizations or
waivers that the Ministry in charge of currency and credit takes or grants by virtue of the banking
regulations within CEMAC, subject to the attributions entrusted to COBAC.
Strategic Objective 5: Register licenced credit, microfinance and payment institutions, update
and publish the lists of those structures in official gazettes.
Strategic Objective 6: Create and manage the national files on movable and real estate securities
as well as bank charges.
Strategic Objective 7: Calculate and publish, in accordance with the modalities set by BEAC,
the annualized percentage rate and usury thresholds as well as the financial services price index
in accordance with the relevant regulations within CEMAC.
Strategic Objective 8: Produce a report on currency, credit and the functioning of the banking
and financial system, as well as on the exercise of its mission, for the President of the Republic,
the President of the Senate, the President of the National Assembly, the President of the
Economic and Social Council, the Head of Government and all members of the NEFC.
Strategic Objective 9: Produce and publish annual reports on the trend in banking practices with
regard to the pricing of financial services, as well as periodical study reports on the financial

21
sector, and educational tools providing information on bank charges and financial services, in
order to guarantee their understanding and comparability.

II.2 SESSIONS OF THE NATIONAL ECONOMIC AND FINANCIAL COMMITTEE

During the year 2021, the NEFC held three sessions on February 16th, August 9th, and November
9th, 2021. The items discussed and the related resolutions are as follows:

II.2.1. NEFC session of February 16th, 2021

Les points examinés au cours de la session du 16 février 2021 sont présentés dans le tableau 2.1
suivant :
The items discussed during the February 16th, 2021 session are presented in the following 2.1
table:

Table 2.1: Items discussed during the February 16th, 2021 session

Items discussed Resolutions

Minutes of the November 9th, 2020 The committee adopted the minutes, subject to the incorporation of
Session of the National Economic remarks made by members.
and Financial Committee

Note on the progress in The Committee took note of the progress in implementing
implementing the resolutions resolutions as at January 31st, 2021.

Note on the economic situation in The Committee took note of the report on the economic situation in
Cameroon Cameroon.

Evaluation of the 2020 activities The Committee took note of the evaluation of the 2020 activities
programme programme, and recommended that a note on the situation of the
financial market be included on the agenda of the next NEFC
meetings.
Le Comité a adopté le programme d’activités du NEFC pour
Programme d’activités du NEFC l’exercice 2021, et a recommandé au Secrétaire Général de :
pour l’année 2021
The Committee adopted the NEFC 2021 activities programme and
NEFC 2021 activities programme recommended that the Secretary General:
- complete the table presenting the activities by specifying the
performance indicators and target objectives, in order to make
the implementation assessment much easier;
- include, in the activities to be carried out during the year 2021,
a study on the evolution of the new banking services, due to
the disruptive technologies characterized by the emergence of
mobile phone operators and innovative start-ups in the
financial and banking services offer in Cameroon
The Committee adopted its budget for the year 2021, with income

22
NEFC draft budget and expenditure amounting to CFAF 736,182,145.
Note on credit institutions The Committee acknowledged the note on credit institutions.

Note on the currency market The Committee took note of the note on the money market
situation situation.

Source : NEFC

II.2.2. NEFC session of August 9th, 2021

The items discussed during the August 9th, 2021 session are presented in the following table 2.2

Table 2.2: items discussed during the August 9th, 2021 session
Items discussed Resolutions
Minutes of the February 16 , 2021 The Committee adopted the minutes of its February 16th, 2021
th

NEFC session session.

After discussing the progress in implementing the resolutions,
Implementation of previous and noting the contribution of the banking sector to the financing
resolutions of the economy, the Committee recommended to the Secretary
General of the NEFC to withdraw from the list of
recommendations the one requesting APECCAM to give further
consideration to possible specifications to which banks will have
to comply as per their license to operate.
The Committee took note of the progress report of the Steering
Committee in charge of monitoring the setting up of guarantee
Progress report of the Steering fund for SMEs in Cameroon and of the proposed model of the
Committee in charge of monitoring Fund, and recommended that the Secretary General should:
the setting up of a guarantee fund
for SMEs in Cameroon - Convene the dedicated Steering Committee in order to adjust
the proposed fund model, by contextualising, among others,
the dimensions relating to the level of risks to be covered, the
pricing of the risks and the mechanisms for calling in the
guarantees;
- forward within two weeks to the Minister of the Economy,
Planning and Regional Development the updated report for
submission to the World Bank.
The Committee adopted the report on currency, credit and the
Report on currency, credit and the functioning of the financial system for the year 2020, and
functioning of the financial system recommended the General Secretariat to forward it to the
for the year 2020 Minister of Finance, President of the NEFC, for further action.

The Committee adopted the NEFC Annual Report for the year
NEFC 2020 Annual Report for the 2020, and recommended the General Secretariat to publish it.
The Committee took note of the situation of contributions to the
NEFC budget as at August 6th, 2021 and:
Situation of contributions to the - set the deadline for payment of contributions by credit and
NEFC budget as at August 6th, microfinance institutions at March 31st, of each year;
2021 - recommended the NEFC Secretary General to
ensure that the relevant contributors strictly comply with that
deadline, and that he refers defaulters to the National
Director of the BEAC for automatic debit the said credit and
microfinance institutions defaulters
Source : NEFC
23
II.2.3. NEFC session of August 9th, 2021
During the August 9th, 2021 NEFC session, the following items were discussed:

Table 2.3: items discussed during the August 9th, 2021 session
Items discussed Resolutions

The Committee adopted the minutes of its session of August 9th, 2021,
th
Minutes of the February 16 , subject to the comments made by the Secretary General of the
NEFC session Banking Commission of Central Africa.

The Committee took note of the level of implementation of the

Level of implementation of resolutions of the previous sessions, and recommended the NEFC
resolutions from previous Secretary General, for the next sessions, to:
sessions
- indicate the dates of the sessions during which the resolutions
were taken;
- review the presentation of the state of implementation of the
resolutions by clearly establishing the difference between the
assessment matrix and the matrix on the level of progress.
The Committee took note of the report on the economic situation in
Note on the economic situation Cameroon.
in Cameroon
During that session, the Committee recommended the NEFC
Secretary General to propose to the Government to examine the
possibility of setting up an Investment bank for long-term funding
needs.

Note on the situation of credit The Committee acknowledged the note on the situation of credit
institutions for the period from institutions for the period from June to August 2021.
June to August 2021

Information note on the The Committee acknowledged the information notes on:
situation of the currency
market from May to August - the situation of the currency market from May to August 2021
2021, the situation of the - the situation of the Central African financial market as at
Central African financial September 30th, 2021
market as at September 30th, - the state of implementation of the economic activities composite
2021, and the level of index in Cameroon as at October 9th, 2021.
implementation in Cameroon,
as at 19 October 2021, of the
economic activities composite
index
Source NEFC

24
III. ACTIVITIES OF THE NEFC GENERAL SECRETARIAT

25
III.1 TECHNICAL COMMITTEES SESSIONS
Under the coordination of the Secretary General, the activities carried out by the technical
committees during the year 2021 are found in the tables below:

Table 3.1: Sessions of the Steering Committee in charge of monitoring the creation of a Guarantee
Fund for SMEs in Cameroon

Sessions Items discussed

Session of January 6th, 2021 Adoption of the activities schedule.

Examen du projet de rapport de haut niveau de la Banque Mondiale.
Sessions of July 6th and 8th,
2021 Discussion of the draft high level report of the World Bank.

Session of August 20th, 2021 Discussion of the draft high-level report of the World Bank
(continued).

Table 3.2: Sessions of the Steering Committee in charge of setting up an IT platform for processing
NEFC accounting operations

Sessions Items discussed

Discussion of the accounting nomenclature and of the NEFC chart of
Session of March 25th, 2021 accounts.

Session of October 12th, 2021 Presentation of the computer application by EXPERT3DEV Company

Session of November 25th, Evaluation of the implementation level of the recommendations of the
2021 October 12th, 2021 COPIL

Table 3.3: Sessions of the Covid 19 Pandemic Response Committee

Sessions Items discussed

Session of April 20th, 2021 Adoption of the activities outline and schedule.
Presentations of the various contributions, debates, adoption of
Session of June10th, 2021 proposals for additional measures.

26
Table 3.4: Sessions of the Commission for the review of the NEFC annual report for the year 2020
Sessions Items discussed
Session of June 9th , 2021 Examination of the draft 2020 annual report.

Session June 11th, 2021 Validation of the draft 2020 annual report.

Table 3.5: Sessions of the Committee on the Report on Currency and Credit in Cameroon

Sessions Items discussed

Distribution of tasks among the Committee members and
Session of March 1st, 2021 definition of a activities schedule.
Discussion of the draft report on money and credit for the year
Session of May 7th, 2021 2020.

Session of May 28th, 2021 Review and validation of the draft report.

Table 3.6: Sessions of the Committee in charge of analysing the applications for the opening of
branches and counters of microfinance institutions
Sessions Points examined

Session of 05 Analysis of the files of the Générale de Caisses pour l'Epargne et le

October 2021 Financement au Cameroun (GECEFIC), the Caisse d'Epargne et de Crédit du
Cameroun (CEC), Crédit Du Sahel (CDS), and La Régionale d'Epargne et de
Crédit (La Régionale).

Session of November Analysis of the Caisse Communautaire des Montagnes (CCM)application for
4th, 2021 authorization to open a branch.

Table 3.7: Sessions of the Steering Committee in charge of monitoring and implementing the
Financial Sector Development Plan for Cameroun.

Sessions Items discussed

th
Session of October 14 , 2021 Adoption of activities outline and schedule
Session of December 2nd, Presentation of the revised methodological note
2021

27
Table 3.8: Session of the Task Force for the management of the online TEG simulator

Sessions Items discussed

Session of 30 July 30th, 2021
Discussion of the Terms of Reference

III.2. AUDIENCES GRANTED BY THE SECRETARY GENERAL

08-10-2021: Audience of the Secretary General, granted to the President of the Association of
Consumers of Banking and Financial Services of Cameroon. The work focused on the
presentation of the said association.

08-10-2021: Audience of the Secretary General, granted to Mr. Thierry PAPILLON, Leasing
Expert of the International Finance Corporation (IFC). Exchanges focused on the opinions of
Cameroonian financial system stakeholders on the leasing situation.

III.3. TECHNICAL MEETINGS

23-02-2021: Meeting to present the preliminary results of the PHB Development consultants'
work, assistant to the contracting authority of the project to prepare the CEMAC Regional
Strategy for Financial Inclusion.
23-02-2021: Meeting to assess the level of progress in the study on the development of crypto-
currency and ponzi scheme activities in Cameroon.
05-03-2021: Meeting at the headquarters of the Support Programme to the Implementation of the
National Strategy for Inclusive Finance (SP-NSIF).
11-03-2021: Meeting between the NEFC General Secretariat and Grand Impex Trading LTD, a
private company from the United Arab Emirates, that is the promoter of the "World Dream
Investment" programme.
19-03-2021: Meeting between the NEFC and the Parliamentary Network for the promotion of
insurance and banking. This network is seeking BEAC technical and financial assistance for the
development of a sub-regional parliamentary network for insurance and banking.
19-03-2021: Meeting of the Steering Committee of the National Inclusive Finance Strategy
Support Programme (PA-SNFI).
25-05-2021: Meeting about the draft decree on the conditions for exercising the activities of
intermediaries in banking transactions.
26-05-2021: Meeting on the payment of accrued interest on the securitized receivables of Banque
Atlantique Cameroun.
27-05-2021: Consultation meeting with ANEMCAM on the contribution of MFIs to the NEFC
budget.

28
03-06-2021: Meeting on the challenges of refinancing of microfinance institutions by the central
bank.
10-06-2021: Meeting of the inter-ministerial working group in charge of developing a national
crowdfunding policy in Cameroon.
10-06-2021: Meeting of the committee in charge of identifying additional support measures for
the private sector to be taken by the monetary, banking and financial sector in response to the
Covid-19 pandemic.
02-07-2021: Videoconference with a World Bank team on a diagnosis of the socio-economic
situation in Cameroon from 2016 to 2020.
27-07-2021: Meeting on the draft decree on the conditions for exercising the activities of
intermediaries in banking transactions.
07-09-2021: Meeting of the proofreading committee of the draft law on banking secrecy in
Cameroon. The working session was held at the Ministry of Finance.
21-09-2021 : Meeting on the project to create the Rural Funding Company « Société de
Financement du Monde Rural SA (SFMR) ».
01-11-2021: Participation in the annual programming workshop of the U3M network.
05-11-2021: Meeting to present the preliminary results of the diagnosis study on the mechanism
for connecting MFIs to the NEFC computer platform (CASEMF and CREMF) carried out by
Horus Finance Firm, International Technical Assistant to the SP-NSIF as part of the
implementation of sub-component 2C of the TRANSFAGRI Programme;
III.4. SEMINARS AND CONFERENCES
28/29-09-2021: Validation workshop of the 2022-2026 draft National Strategy for Inclusive
Finance for the 2022-2026 held in Ebolowa.
06/22-2021: attendance of the CIFOPE seminar entitled "Managerial skills and leadership".
28-11 to 04-12- 2021: Attendance of the workshop on the project to redesign the office
accommodating the BEAC Risk Board for Banks in Douala.

III.5. MISSIONS
During the year 2021, the NEFC teams carried out a number of the following tasks and checks on
reporting entities:
January 7th to March 20th, 2021: plausibility checks of the Annualized Percentage Rate
(APR)charged by credit institutions and 2nd category microfinance institutions during the 2nd half
of 2020.
March 8th to April 4th, 2021: data collection on the microfinance sector as at the end of
December 2020.
May 9th to May 15th, 2021: Deployment of the NEFC IT platform in CamCCUL.
June7th, to July 2nd,2021: Consistency check of the data tele-reported on the CIP-FIBANE-
CASEMF platform and the CREMF.
29
August 2nd, to 25 September 25th, 2021: plausibility checks of APRs for the first half of 2021
and determination of the usury rates applicable to the second half of 2021.
October 31st to November 21st, 2021: Support for the setting up of an APR calculation system at
BICEC and SCB.
III.6. ADMINISTRATION OF NEFC PLATFORMS
III.6.1. CIP-FIBANE-CASEMF platform
During the year 2021, the NEFC General Secretariat continued to monitor the feeding of the
platform by the reporting institutions. As at December 31st, 2021, the number of institutions
covered by the platform was 142, i.e. 15 banks, 04 financial institutions, CAMPOST, and 122
MFIs (of which 76 were in the first category, 42 in the second category and 04 in the third
category).

C’est ainsi que le nombre de comptes ouverts dans les livres des établissements de crédit et de
microfinance télé-déclarés dans la plateforme est passé de 12 293 068 en 2020 à 12 935 713 en
2021, soit une augmentation de 5,2 %. Celui des comptes Mobile Money télé-déclaré dans la
même plateforme est passé de 4 991 684 en 2020 à 5 952 724 en 2021 (+19,3 %), représentant en
moyenne 46 % des comptes ouverts télé-déclarés dans la plateforme. Les comptes clôturés ont
augmenté entre 2020 et 2021, passant de 1 036 361 à 1 106 148, soit une progression de 6,7 %.

Thus, the number of accounts opened in credit and microfinance institutions and tele-reported in
the platform has increased 5.2% from 12,293,068 in 2020 to 12,935,713 in 2021. Mobile money
accounts also tele-reported on that platform increased from 4,991,684 in 2020 to 5,952,724 in
2021 (+19.3%), which averagely represents 46% of open accounts tele-reported on the platform.
Closed accounts increased by 6.7% between 2020 and 2021, from 1,036,361 to 1,106,148.

As regards payment incidents, the stock declared by reporting institutions was 176,532 in 2021,
as compared to 165,525 in 2020, thus increasing by 6.6%. In absolute terms, payment incidents
reached 568.5 billion in 2021 as compared to 535.7 billion in 2020, thus increasing by 6.1%.

As regards corporate FSDs, reporting institutions declared 99 FSDs in 2021, bringing the stock to
989 FSDs, which represents an increase by 11.1% as compared to the stock recorded as at
December 31st, 2020.

30
Table 3.9: Status of the main data reported in the CIP-FIBANE-CASEMF platform
Modules Types of data 2020 2021 Changes
Absolute Relative (%)
CIP Number of accounts opened 12 293 068 12 935 713 642 645 5,2
Including Mobile Money accounts 4 991 684 5 952 724 961 040 19,3
Number of closed accounts 1 036 361 1 106 148 69 787 6,7
Number of payment incidents 165 525 176 532 11 007 6,6
Amount of payment incidents (billion 535,7 568,5 33 6,1
CFAF) 5
Number of loans 17 488 065 21 393 509 3 905 444 22,3
Number of overdue loans 4 937 524 6 143 418 1 205 894 24,4
FIBANE Number of corporate FSDs 890 989 99 11,1
CASEMF Number of FSDs for MFIs 1 534 1 820 286 18,6

31
Box 3.1: NEFC IT platform

The NEFC IT platform has six modules that interact with each other, they are:

1) The Payment Incidents Board (CIP), that centralises, aggregates and disseminates all payment incidents
recorded by all credit and microfinance institutions, in particular: payment incidents on cheques, bills of
exchange and promissory notes; irregular cheques and cards; bank bans from issuing cheques or from having
a payment card issued; judicial bans on issuing cheques or on having a payment card issued; waivers of
judicial bans, etc.
2) The National Banking File for Enterprises (FIBANE), that records the accounting and financial data
declared on companies by reporting entities, making it possible to assess their operational and managerial
financial performance. That includes general information on companies (share capital, purpose, directors,
partners, turnover, balance sheets, etc.), loans granted, executive officials bank commitments, bank incidents,
etc.
3) The Framework for the Analysis and Monitoring of Microfinance Institutions (CASEMF)
that centralizes the financial statements of Microfinance Institutions and enables the
evaluation and analysis of their operational, financial and social performance;

4) The Risks Board for Microfinance Institutions (CREMF), that collects information on the loans granted
to by credit and microfinance institutions their customers. When analysing a loan application, reporting
entities can thus consult information on the applicant outstanding loans throughout the financial system and
on the status of each loan (current or in default).

5) The National Directory for Movable Securities (RNSM), that centralizes data on legal, conventional and
judicial securities given as guarantee for loans granted by credit and microfinance institutions.

Access to centralized information the NEFC IT platform is secure via a web interface ([Link] as
follows:

- without prior authorization, for the authorized departments of BEAC, COBAC, microfinance institutions and
credit institutions;
- upon request to the Secretary General of the NEFC, for the judicial authorities and legal, economic or
financial administrations, a list of which is drawn up by the Minister of Finance;
- Upon request to the Secretary General of the NEFC for any person listed in the platform, and only for
information concerning that person.

For the specific case of the RNSM, any interested natural or legal person may consult the centralized data. The
consultation is carried out by means of an online search form available on the NEFC website, using the surname(s)
and first name(s) of the borrower or the grantor of the movable security. The consultation can also be carried out on
the basis of the description of the asset or assets constituting the movable security.

6) The application for calculating and archiving the Annualized Percentage rate (APR) and the usury rate,
that makes it possible to determine the real costs of loans granted by reporting institutions to their customers
and to determine the usury thresholds applicable in Cameroon.

32
Importance of the platform

Modules For the national financial For natural and legal For reportings institutions
system persons
CIP Restoring public confidence Settling transactions Making the payments
in non-cash means of through non-cash means instruments provided to their
payment (cheques, bills of of payment that are customers more credible and
exchange, promissory notes, more secure than cash. improving their KYC
etc.) and sanctions for their processes
misuse
CREMF Reducing information Reducing over- Improved lending decisions
asymmetries between indebtedness and with an additional decision
lenders and borrowers and payment defaults support tool.
lowering default risks by
providing banks and MFIs
with information on all loan
applicants' commitments
with the financial system
RSNM Increasing funding for SMEs Improved access to loans Improving risk assessment of
through better mobilization for SMEs and individuals movable securities and
of movable securities without real estate increasing credit to SMEs
collateral
Application Improving economic funding Getting loans at better Ensuring the accuracy of loan
of the APR by lowering the cost of loans interest rates and costs and preventing the
and curbing over- curbing over- usury rate from being
indebtedness indebtedness through exceeded when loans are
usury rates granted
FIBANE Improving company funding, A guarantee for good Knowledge of the risk profile
through the availability of management through of the companies that have
certified information on the dissemination of been granted loans
their accounting and company accounting
financial data, as well as a data and financial
better knowledge of their indicators
management
CASEMF Assessment of MFIs' Improvement of operational
operational and financial Reduction of credit risks and managerial performance
performance for a better for MFI clients through periodic evaluation
appraisal of default and reports prepared by the NEFC
bankruptcy risks

33
III.6.2. APR application
The APR application made it possible to archive statistics on the APRs of loans granted by credit
institutions and second category MFIs during the year 2021. The institutions connected to the
application as at 31 December 31st, 2021 are: the 15 banks in operation, 4 financial companies
and 21 second category MFIs.
Thus, the volume of loans reported by banks through the application was 4 464.2 billion in 2021,
representing 1 837.2 billion and 2 627.0 billion respectively in the first and second semesters of
2021. Financial institutions reported amounting to 52.7 billion loans in 2021 (26.5 billion in the
first semester and 26.2 billion in the second semester of 2021), while category 2 MFIs reported
loans amounting to 173.2 billion (85.7 billion in the first semester and 87.5 billion in in the
second semester of 2021).

Table 3.10: Volume of loans declared by reporting entities in the APR application (in billion CFAF)

Institutions 1st semester 2021 2nd semester 2021 Year 2021

Banks 1 837,2 2 627,0 4 464,2
Financial companies 26,5 26,2 52,7
2nd category MFIs 85,7 87,5 173,2
Source : NEFC

III.6.3. National Directory of Movable Securities (RNSM)

As a result of the launching of the campaign to popularize the NEFC IT platform, the number of
notices registered in the National Directory for Movable Securities (RNSM) has increased
considerably. Thus, between December 31st, 2020 and December31st, 2021, the number of
registered notices rose from 2,031 to 2,607 (+576), i.e. from 483.4 billion to 1,509.9 billion in
value. However, only 23 reporting institutions, including 12 banks, 8 microfinance institutions
and 3 financial companies had already transferred their data to the new database by the end of
December 2021. The CITI and UBA banks declared that they did not have any movable assets in
their books as collateral for loans.

Table 3.11: Statistics on entries in the RNSM per type of security

2020 2021 Change
Type of security Amount (in Number of Montant Number of Absolute Relative (%)
million notices Amount (in notices
CFAF) registered million registered Amount Numbe Amount Number
CFAF) r
Pledging 284 914,4 600 1 204 922 919 611, 8 322 322,76 53,6
526,26
Collateral 162 665,9 739 255 645, 69 930 92 930, 1 191 57,1 25,8
Leasing 35 391,9 588 49 306, 73 651 13 914, 8 63 39,3 10,7
Benefits 381,7 68 381,7 68 - - - -
Withholding Right 83,8 32 83,8 32 - - - -
Reserve de propriété 2,3 4 2,3 4 - - - -
Ownership rights
Total 483 439,9 2 031 1 509 946, 3 2 607 1 026 456, 8 576 212,3 28,3
Source : NEFC

34
IV: SECTORAL NOTES PREPARED BY THE GENERAL SECRETARIAT

35
During the year 2021, the General Secretariat prepared notes on the situation of credit and
microfinance institutions.
IV.1. NOTE ON THE SITUATION OF THE BANKING SECTOR
IV.1.1. Situation of banks

As at December 31st, 2021, Cameroon had sixteen (16) banks and three hundred and fifty (350)
branches for a balance sheet total of 8 087 billion. Deposits amounted to 6 258.6 billion while
loans stood at 3 764.8 billion.

IV.1.1.1. Mapping

IV.[Link]. Banking network

In terms of geographical coverage, the Littoral and Centre regions have the largest number of
branches in 2021, with 125 and 92 branches respectively, which represents 62% of the total. The
South-West and West regions have 30 and 31 branches respectively, while the South region has
18 branches, the North-West and Far-North regions have 17 and 13 branches respectively. The
least developed regions are the North (9 branches), the East (8 branches) and Adamaua (7
branches).

Graph 4.1: Number of bank branches per region

Source : CERBER

Banks have continued to significantly expand their Automated Teller Machines (ATM) networks,
with the aim of modernizing and improving the quality of customer services. The number of
ATMs rose from 741 in 2020 to 805 in 2021, thus increasing by 8.6%. The largest cities, namely
Yaounde, Douala and Bafoussam, alone, account for 72.3% of those ATMs.)

36
Graph 4.2: Trend in the number of Automated Teller Machines (ATMs)

Source : NEFC, Banks Reporting

IV.[Link] Banking Services Coverage

Since 2016, through the CIP-FIBANE-CASEMF platform, the National Economic and Financial
Committee has been calculating a series of banking services coverage indicators, namely, the
banking services coverage rate of the active population and of the adult population, and the
density of the banking network.
The banking services coverage rate is the ratio between the number of individuals with a bank
account (individuals with more than one account being counted once), and the population (total
population, adult population, active population, etc.).
The density of the banking network is the number of branches of banking institutions per 100,000
inhabitants.
In order to take into account, the Cameroonian context, the CIP-FIBANE-CASEMF platform of
the National Economic and Financial committee calculates those indicators in the strict sense (by
limiting itself to bank accounts) and in the broad sense (by integrating the accounts held by
financial institutions, CAMPOST and the MFIs).
Thus, based on the data reported by all credit institutions, all second and third category
microfinance institutions, and some first category institutions, the NEFC was able to reconstitute
a series of indicators of the population banking services coverage.
Those indicators show that although still low, the banking services coverage rate of the
Cameroonian population in the strict sense has been increasing over the past fifteen years, as
illustrated in the graph below.

37
 Graph 4.3. Trend in the banking services coverage rate and the density of the banking network in the strict
sense

Source : NEFC
In 2021, the banking services coverage rate in the strict sense of the term for the working
population improved relatively by 1.5 points, reaching 28.4% as compared to 26.9% in 2020.
That of the adult population has also improved by 1.2points, from 21.2% in 2020 to 22.4% in
2021. The density of the banking network has remained stable at 1.3 branches per 100 000
inhabitants in 2021.
In a broad sense, those indicators have also been increasing over the same period. Reflecting the
reality of the Cameroonian financial system, where microfinance institutions play an important
role, banking services coverage rates in the broad sense show much higher values than those of in
the strict sense.

Graph 4.4. Trend in the banking services coverage rate and the density of the banking network in the broad sense

Source : NEFC
In fact, the banking services coverage rate in the broad sense of the active population reached
47.7% in 2021 as against 46.2% in 2020, thus improving by 1.5 points. The banking services

38
coverage rate in the broad sense of the adult population rose from 36.8% in 2020 to 38.1% in
2021, thus increasing by 1.3 points.
The density of the banking network in the broad sense of the term remained almost stable
between 2020 and 2021, standing at 3.1 branches per 100 000 inhabitants as compared to 3.2
branches per 100 000 inhabitants in 2020.

Table 4.1: Banking services coverage rate and banking network density
Banking services coverage rate in the strict sense (Banks only)
Banking services coverage rate of the Banking services coverage rate of the Density of the banking network (Number
working population (%) adult population (%) of branches per 100,000 inhabitants)
22,0 17,1 1,3
2016 23,2 18,0 1,3
2017 24,2 18,9 1,3
2018 25,2 19,6 1,3
2019 26,7 20,9 1,3
2020 26,9 21,2 1,3
2021 28,4 22,4 1,3
Banking services coverage in the broad sense (Banks, financial institutions, CAMPOST, microfinance
institutions)
Banking services coverage rate of Banking services coverage rate of Density of the banking network
the active population (%) the adult population (%) (Number of branches per 100,000
inhabitants)
2015 37,63 29,3 4,9
2016 39,65 30,9 4,8
2017 41,74 33,0 4,9
2018 44,06 34,9 4,7
2019 45,90 36,4 4,1
2020 46,18 36,8 3,2
2021 47,74 38,1 3,1
Source : NEFC

IV.1.1.2 Intermediation
As at December 31st, 2021, Afriland First Bank, SGC, BICEC and SCB remain the most
important banks in the national banking system in terms of activity. Indeed, at that date, those
four institutions accounted for 53.0% of the banking system consolidated balance sheet total,
54.0% of total loans and 53.0% of customer deposits.
The trend in banking activity is reflected in their consolidated balance sheets, off-balance sheets
and income statements for the years 2020 and 2021.
IV.[Link]. Balance sheet position
Between December 31st, 2020 and December 31st, 2021, banks' balance sheet total increased by
15.4%. On the assets side, that increase is largely due to the rise in cash and interbank
transactions (+640.6 billion), customer transactions (+321.2 billion) and fixed assets (+99.9
billion). On the liabilities side, it is explained by the increase in customer transactions (+859.8
billion), cash and interbank transactions (+116.3 billion) and investment capital (+88.8 billion).
With regard to the loan default rate, net doubtful loans fell sharply, thanks in particular to a more
favourable economic activity than the previous year and to the support and easing measures taken
by the public authorities at national and sub-regional level. They fell by 57.6%, from 152.1

39
(4.4%) to 64.5 billion (1.7%) (+40.9 billion). The gross rate of doubtful loans, that remains high,
also fell from 16.6 in 2020 to 14.9% in 2021.

Table 4.2: Trend in Bank consolidated balance sheet

(in billion CFA francs) Change

Relative (%)
ASSETS 2020 2021 Absolute (billion
CFA francs)
Amounts to be deducted from investment capital 130,5 111,4 -14,6 -19,1
Fixed assets 561,9 661,8 17,8 99,9
of which financial assets 335,3 397,1 18,4 61,8
Customer transactions 3 443,7 3 764,8 9,3 321,2
Long-term loans 87,4 118,3 35,3 30,8
Medium-term loans 1 860,3 2 120,4 14,0 260,1
Short-term loans 965,2 1 134,1 17,5 168,9
Net doubtful loans 152,1 64,5 -57,6 -87,5
Customer accounts receivable 329,3 282,7 -14,2 -46,6
Other customers receivables 9,2 6,8 -26,7 -2,5
Unallocated amounts 9,5 7,6 -20,4 -1,9
Related receivables 30,6 30,5 -0,5 -0,2
Other transactions 160,5 194,2 21,0 33,7
Cash and interbank transactions 2 714,2 3 354,8 23,6 640,6
Of which investment and trading securities 1 376,5 1 873,2 36,1 496,7
Balance sheet total assets 7 010,7 8 087,0 15,4 1 076,3
(billion CFAF) Change
LIABILITIES Relative ( %) Absolute (billion
2019 2020
CFAF)
Investment capital 833,0 921,8 10,7 88,8

of which equity 696,9 767,2 10,1 70,3

Customers transactions 5 398,8 6 258,6 15,9 859,8
Special deposit accounts 434,1 463,9 6,8 29,7
Time deposit accounts 705,9 813,9 15,3 108,0
Comptes créditeurs à vue 3 853,2 4 476,5 16,2 623,3
Current accounts payable
Other accounts payable 386,0 479,5 24,2 93,5
Related debts 19,5 24,8 26,8 5,2
Other transactions 288,4 299,8 4,0 11,4
Cash and interbank transactions 490,5 606,8 23,7 116,3
Total du bilan passif 7 010,7 8 087,0 15,4 1 076,3
Balance sheet total liabilities
Source : CERBER

As illustrated in the table above, the volume of securities recorded on the assets side of
commercial banks increased by 36.1% in 2021 after an increase of 37.6% in 2020, thus reflecting
the continued interest of banks in that form of direct funding.
On the liabilities side, equity and deposits collected by banks once again increased under a
strictly accounting approach, by 70.3 and 859.8 billion respectively.

As regards the cash position of banks presented in Table 3.3, it is observed that it increased by
74.3% between 2020 and 2021, from 888 billion as at December 31st, 2020 to 1547.98 billion in
December 31st, 2021. That increase in banks' demand liquidity as at December 31 st, 2021 is due

40
 to the increase in available advance facilities (increase in banks' portfolio of public securities) by
412.5%, from 136 billion in 2020 to 697 billion in 2021.

Table 4.3: Banks' cash position in the currency market (in billion)
December 31st, 2020 December 31st, 2021 Change (%)
Available cash 888 1547,98 74,3%
Current accounts balance 752 876,97 16,6%
Advance facilities available 136 697 412,5%

advance facilities used 64 93,59 46,2%

Source: BEAC/Money Market

IV.[Link]. Off-balance sheet items

Customer and correspondent transactions increased by 12.9% and 35.4% respectively in 2021 as
against 1.5% and 13.6% respectively in 2020.
Other liabilities and foreign currency transactions decreased by 58.7% and 17.9%, compared to
increases by 51.7% and decreases by 55.2% respectively in the previous year.

Table 4.4: Banks' consolidated off-balance sheet (in billion)

(billion CFAF)

Item Heading 2020 2021 Year-on- Year-on-year

year change change
(in volume( (in %)
Correspondents’ Transactions 872,1 1 181,0 35,4 308,9
Commitments ordered by correspondents 271,4 291,1 7,3 19,7
Commitments received from correspondents 600,7 889,9 48,1 289,2
Customers Transactions 4341,2 4 900,7 12,9 559,5
Commitments ordered by customers 1188,1 1 268,5 6,8 80,4
Commitments received from customers 3153,1 3 632,2 15,2 479,1
Pledging 556,2 539,2 -3,1 -17,0
securities received from customers 558,9 556,7 -0,4 -2,1
Securities managed on behalf of customers 197,3 422,9 114,4 225,6
Other guarantees received from customers 1003,1 1 076,6 7,3 73,6
Leasing commitments 77,1 93,1 20,7 16,0
Outstanding lease payments 6,2 5,3 -15,3 -1,0
Commitments received from customers 68,9 87,1 26,4 18,2
Lease commitments given to customers 1,4 0,1 -92,1 -1,3
Accruals and deferred income 0,6 0,6 0,0 0,0
Foreign currency transactions 45,0 37,0 -17,9 -8,1
Spot foreign exchange transactions 9,5 13,1 37,3 3,5
Forward foreign exchange transactions 45,0 23,6 -47,6 -21,5
Foreign currency loans and borrowings 0,0 0,0 - 0,0

Premium/discount 0,1 0,0 -53,8 0,0

Currency adjusting account 0,2 0,3 17,3 0,0

Other liabilities 3557,8 1 470,0 -58,7 -2 087,8
Currency market liabilities 85,6 165,5 93,3 79,9
Securities transactions 0,0 0,0 - 0,0

41
 (billion CFAF)

Item Heading 2020 2021 Year-on- Year-on-year

year change change
(in volume( (in %)
Commitments received from the State and specialized bodies 449,3 384,5 -14,4 -64,7
Doubtful commitments 677,6 860,0 26,9 182,4
Computer deferred 2345,3 59,9 -97,4 -2 285,4
Source : CERBER

IV.[Link]. Income statement

The Net Banking Income (NBI) increased by 13.6% in 2021, as compared to 3.9% in 2020. That
increase can be attributed to the improvement in margins on financial transactions (+45.3 billion),
margins on customer transactions (+21.5 billion), and margins on leasing and rental transactions
(+3.0 billion).
The current result subsequently increased by 12.5 billion, as against a decrease of 10.7 billion in
2020.
Ultimately, with an exceptional result of 0.4 billion and an income tax of 26.5 billion, the banks'
net result rose from 84.9 to 105.4 (+20.5 billion), thus increasing by 24.1% year-on-year.

Table 4.5: Evolution of the consolidated income statement of banks

(in billion)

2020 2021 Change in Change in

% volume
Margins from cash transactions -4,2 -2,5 -40,6 1,7
Income from cash transactions 10,2 12,9 25,6 2,6
Expenses on cash transactions 14,4 15,3 6,5 0,9
Margins from financial transactions 81,6 125,1 53,3 43,5
Income from investment capital 84,9 128,1 50,9 43,2
Interest from investment capital 3,3 2,9 -10,5 -0,3
Margins from customer transactions 203,8 225,4 10,6 21,5
Income from customer transactions 275,4 299,1 8,6 23,7
Expenses on customer transactions 71,6 73,7 3,0 2,2
Margins from leasing and rental transactions 6,4 9,3 46,9 3,0
Income from leasing and rental operations 42,0 47,2 12,3 5,2
Expenses from leasing and rental transactions 35,7 37,9 6,1 2,2
Margin from other transactions 149,7 139,7 -6,7 -10,0
Income from other transactions 1 409,7 869,8 -38,3 -539,9
Expenses on other transactions 1 260,0 730,1 -42,1 -529,9
Net banking income 437,4 497,1 13,6 59,7
Gross operating income 197,7 227,1 14,9 29,4
Allocation to provisions 75,2 91,1 21,1 15,8
Losses on bad debts 3,6 4,6 27,9 1,0
Current income 119,0 131,5 10,5 12,5
Exceptional income (loss) -7,6 0,4 -105,7 8,1
Intermediate income (loss) 111,3 131,9 18,5 20,6
Income tax 26,4 26,5 0,4 0,1
Net income 84,9 105,4 24,1 20,5
Source : CERBER

42
Subsequently, the main indicators of banks operating in Cameroon as the end of December 2021
are summarised in the following table:

Table 4.6: Bank activity indicators

(billion CFAF)
Banks balance
Share capital Net Income Deposit Loans
sheet
BICEC 49,1 2,0 771,8 642,2 292,6
SCB 10,5 6,4 702,1 562,2 360,7
SGC 12,5 15,7 1 199,5 961,3 580,4
STD BK 10,0 -1,6 296,3 251,8 84,5
AFBK 50,0 23,6 1 508,3 1 188,3 793,3
CBC 16,5 3,4 528,2 339,3 331,2
CITIBANK 10,0 4,1 179,1 132,7 63,9
ECOBANK 10,0 10,6 512,6 364,6 198,3
UBC 20,0 1,9 129,1 77,9 5,6
NFC-BANK 6,1 2,9 163,5 109,6 65,1
UBA 10,0 20,0 630,7 514,8 220,2
BAC 23,9 1,9 574,2 466,8 277,8
BGFIBANK 20,0 8,2 424,5 247,3 299,2
BC-PME 20,0 -0,2 42,6 11,8 24,7
CCA BANK 13,8 6,6 424,4 388,1 167,3
TOTAL 282,4 105,4 8 087,0 6 258,6 3 764,8
Source : CERBER

IV.1.1.3. Transformation
As at December 31st, 2021, banks received deposits amounting to 6 258.6 billion, made up of
71.5% of sight deposits (sight loan accounts), 13.0% of time deposits, 7.4% of special deposits,
and 7.7% of other accounts payable.

Table 4.7: Breakdown of deposits per type (in billion)

Types of deposits 2020 2021 Gap (%) Shares/accounts (%)

Special deposit accounts 434,1 463,9 6,8 7,4

Time deposit accounts 705,9 813,9 15,3 13,0
Sight deposit accounts 3 853,2 4 476,5 16,2 71,5
Other accounts payable 386,0 479,5 24,2 7,7
Related debts 19,5 24,8 26,8 0,4
TOTAL DEPOSITS 5 398,8 6 258,6 15,9 100,0
Sources : CERBER

Those deposits represent the most important part of the banking resources available for loan granting on
the domestic market.

43
Graph 4.5: Breakdown of deposits

Other accounts related debts; Special deposits

payable; [VALEUR] [VALEUR] accounts

Time deposits
accounts;
[VALEUR]

Sight accounts
payable; [VALEUR]

Source : CERBER

The banking resources thus constituted made it possible to fund the Cameroonian economy to the
tune of 3 764.8 billion as at December 31st, 2021.

Table 4.8: Breakdown of loans per type

Type of loans Amount in billion Gap (%) Shares/accounts
2020 2021 (%)
Long-term loans 87,4 118,3 35,3 3,1
Medium-term loans 1860,3 2120,4 14,0 56,3
Short-term loans 965,2 1134,1 17,5 30,1
Net overdue loans 152,1 64,5 -57,6 1,7
Customer accounts receivable 329,3 282,7 -14,2 7,5
Other customers receivable 9,2 6,8 -26,7 0,2
Unallocated amounts 9,5 7,6 -20,4 0,2
Related receivable 30,6 30,5 -0,5 0,8
TOTAL LOANS 3 443,7 3 764,8 6,2 100,0
Source : CERBER

That overall amount loan granted is broken down as follows: 56.3% was allocated to medium-
term loans, 30.1% to short-term loans, 3.1% to long-term loans and 1.7% to net outstanding
debts, that decreased by 57.6%.

44
Graph 4.6: Breakdown of loans per type

Other Customers unallocated amounts; Related debts; Long term loans;

receivable; [VALEUR] [VALEUR] [VALEUR] [VALEUR]
nat overdue debts;
[VALEUR] customers
accounts
receivable;
[VALEUR]

Short term loan;

[VALEUR]
Medium termloans;
[VALEUR]

Source : CERBER

The average level of banking transformation fell from 87% in 2020 to 80% in 2021, this dropping
by 7 points.

45
Table 4.9: Presentation of the transformation coefficients of the Cameroonian banking market
Dec. Dec. Gaps
BANKS/MONTH 2020 2021 (c-a)
(a) (c)
CITIBANK 3 558 2319 -1 239
STANDARD CHARTERED BANK 922 163 -759
ECOBANK 243 297 54
BAC 200 286 86
BC-PME 168 56 -112
SCB 164 157 -7
SOCIETE GENERALE CAMEROUN 134 125 -9
AFRILAND FIRST BANK 84 70 -14
UBA 71 478 407
BGFIBANK 66 128 62
BICEC 64 69 5
CBC 57 57 0
CCA BANK 33 58 25
UBC -70 -41 29
NFC-BANK -739 -469 270
AS A WHOLE 87 80 7,0
Source : CERBER

IV.1.1.4 Trend in the Annualized Percentage Rate (APR)charged by banks

On average, and due to the integration of VAT in the calculation of the APR as per the provisions
of the new regulations to that effect, the cost of credit granted by banks increased overall between
2020 and 2021 for all categories of customers, except for that of public administrations and
decentralized local authorities.
Indeed, the average APR of loans granted to SMEs during 2021 was 11.54% from 10.52% in
2020, thus increasing by 1.02 points. This slight increase can mainly be attributed to the rise in
the cost of leasing (from 15.26% in 2020 to 26.33%), overdrafts (from 10.79% in 2020 to 12.41%
in 2020), and cash loans other than overdrafts (from 12.74% in 2020 to 13.37% in 2021).

As regards individuals, the average cost of their loans increased significantly by 2.41 points, from
13.66% in 2020 to 16.07% in 2021, due largely to the increase in the cost of overdrafts (from
17.13% in 2020 to 23.26% in 2021), consumer loans other than overdrafts (from 12.22% in 2020
to 16.92% in 2021), leasing (from 12.07% in 2020 to 17.58% in 2021), Real estate loans (from
11.75% in 2020 to 13.59% in 2021) and medium-term loans (from 12.70% in 2020 to 13.73%).
As regards legal entities other than SMEs and large companies (associations, GICs, non-profit
institutions, etc.), the cost of their loans increased significantly, rising from 6.41% in 2020 to
16.50% in 2021 due to the increase in the cost of consumer loans other than overdrafts (from
8.92% in 2020 to 18.23% in 2021), overdrafts (from 13.48% in 2020 to 16.50% in 2021) and
medium term loans (from 8.85% in 2020 to 16.30% in 2021).

With the cheapest loans on the market, large companies experienced a slight increase in the cost
of their loans in 2021 (+1.34 points). That slight increase is the result of the increases noted in
most of the various categories of loans granted to that clientele, except for guarantees, whose
average APR fell from 1.65% in 2020 to 1.18% in 2021. Public administrations, However,
46
experienced a fall in the cost of their loans between 2020 and 2021. The average APR of their
loans fell from 15.17% in 2020 to 10.78% in 2021. That significant drop can mainly be attributed
to the fall in the cost of all categories of loans granted to that clientele, except for guarantees,
whose average APR rose from 2.00% in 2020 to 2.42% in 2021.

Table 4.10: Banks' Annual Percentage Rate charged in 2020 and 2021 (in %)
2020 2021
Categories
Loans to individuals 13,66 16,07
Consumer loans, other than overdraft 12,22 16,92
Overdrafts 17,13 23,26
Discounting of bills of exchange - -
Medium-term loan* 12,70 13,73
Long-term loans* 11,74 9,50
Real estate loans 11,75 13,59
Leasing 12,07 17,58
Guarantees 3,65 2,31
Loans to SMEs 10,52 11,54
Cash advances, other than overdraft 12,74 13,37
Overdrafts 10,79 12,41
Discounting of bills of exchange 16,32 11,76
Medium-term loans 14,98 11,14
Long-term loans - -
Leasing 15,26 26,33
Factoring 8,86 8,06
Guarantees 1,89 2,09
Loans to large companies 5,56 6,90
Cash advances, other than overdraft 6,14 7,86
Overdrafts 7,53 8,44
Discounting of bills of exchange 9,02 7,67
Medium-term loans 12,15 9,28
Long-term loans - -
Leasing 9,75 19,49
Factoring 5,34 6,37
Guarantees 1,65 1,18
1. Loans to legal persons other than SMEs and large companies 6,41 16,50
Consumer loans, other than overdrafts 8,92 18,23
Overdrafts 13,48 16,50
Discounting of billa of exchange - -
Medium-term loans* 8,85 16,30
Long-term loans* - -
Real estate loans - -
Leasing - -
Guarantees 2,89 2,59
2. Loans to public administrations and decentralized local authorities 15,17 10,78
Cash advances, other than overdrafts 15,72 12,89
Overdrafts 15,37 13,89
Medium-term loans - 7,54
Long-term loans - -
Leasing - -
Guarantees 2,00 2,42
*Those are loans other than real estate loans
Source : NEFC

47
 With regard to the cost of loans per activity sector, the education, health and social action as well
as collective or personal activities sectors bear the highest costs on the market. The average APRs
of their loans are respectively 17.23%, 15.67% and 14.42% in 2021.

Table 4.11: Annualized percentage rate charged by banks per activity sector (%)
Activity sectors 2020 2021
Agriculture, hunting and forestry 6,57 7,27
Fishing, fish farming, aquaculture 6,71 9,26
Mining and quarrying 7,73 8,85
Manufacturing 7,45 8,55
Production and distribution of electricity, gas and water 6,72 8,31
Construction 7,74 8,39
Trade; repair of motor vehicles and personal and household goods 6,94 8,06
Hotels and restaurants 8,37 9,39
Transport, auxiliary transport activities and communications 5,37 7,10
Financial activities 8,80 7,66
Real estate, renting and business activities 9,26 11,80
Public administration activities 7,54 12,87
Education 15,18 17,23
Health and social welfare activities 14,34 15,67
Activités à caractère collectif ou personnel 12,53 14,42
Collective or personal activities
Activities of households as employers of domestic workers 10,72 12,40
Activities of extraterritorial organisations 6,48 10,32
Source : NEFC

48
Box 4.1: Calculation of the Annualized Percentage Rate (APR) and the usury rate
1. Usefulness and APR regulatory framework of the TEG

The APR is used to compare the overall cost of loans for the consumer. For example, a loan A may appear to be more expensive than a loan B if only the
nominal interest rates are compared. However, if the ancillary components (e.g. application fees, insurance fees, collateral costs etc.) are more advantageous
for A than for B, that may compensate the difference in rates. In order to know the true cost of a loan and to be able to compare it with other competing
offers, it is necessary to know the APR of each loan, since that rate incorporates everything that may be payable in addition to the interest.

To that end, the Chairman of the UMAC Ministerial Committee signed, on August 10 th, 2020, a regulatory instrument to protect consumers and stimulate
competition. That is Regulation No. 04/19/CEMAC/UMAC/CM on the Annualized Percentage Rate, the repression of usury, and the publication of banking
conditions in the CEMAC. In order to operationalize the provisions of the above mentioned Regulation, the Governor of BEAC signed on November 4th, 2021,
an Instruction setting out the modalities for determining, declaring and publishing the APRs, banking conditions and prices of financial services.

2. Method of calculating the APR

The method of calculating the APR varies according to whether the loan is installmental or not. For installmental loans, the APR corresponds to the annual
nominal rate plus the percentage that the ancillary costs represent in the amount of the loan. For instalmental loans, the APR is a rate proportional to the
rate for the period, calculated using the following formula:

 i : the annualized percentage rate,

 k : the serial number of a disbursement of funds,
 m : the serial number of the last disbursement,
 Ak the disbursed amount of number k,
 tk : the time interval between the first disbursement and disbursement number k,
 p : the sequence number of a repayment maturity date,
 n : the serial number of the last maturity date,
 A : the amount of maturity date number p,
 tp : the time interval between the first release and maturity date number p.
The APR is therefore the interest rate i which equalizes the current loan value (capital borrowed minus the fees and commissions charged at the time the loan
was disbursed) and the sum of the future repayment flows (taking into account the loan term and the monthly repayments).
2. The usury rate
A usury loan is any loan or agreement hiding a loan granted, in any matter, at an annualized percentage rate(APR) that exceeds, at the time it is granted, by
more than one third, the Usury Rate defined by the Monetary Policy Committee (MPC). For each category of loans and borrowers, other than individuals,
the applicable usury rate is equal to the national average APR of the previous quarter, increased by a number of basis points determined by the MPC. For
loans to individuals, the usury rate is defined taking into account market conditions and consumer protection issues.

The average APR for a category C of loans granted by k reporting institutions is calculated using the following weighted average formula:

; where the (represents the total amount of category C loans granted by each reporting

institution, and (is the average APR of the category C loan calculated for each reporting institution.

Since 2018, the APRs are calculated by the credit institutions and tele-reported through an application developed by the NEFC.

Source : NEFC

IV.1.1.5. Supervision
At the prudential level, based on the information reported by the 15 banks operating in Cameroon
as at December 31st, 2021:
- In terms of solvency, 13 banks achieved a ratio of coverage of weighted risks by net
equity greater than or equal to the minimum of 8%;
- As regards the coverage of fixed assets by investment capital, 13 banks presented a ratio
greater than or equal to the minimum of 100%;
- With regard to the liquidity ratio, 14 banks had cash at sight or at less than one month
49
 equal to or greater than the regulatory minimum of 100% of their liabilities for the same
term;
- As regards compliance with the long-term transformation ratio, 12 banks managed to
finance at least 50% (regulatory threshold) of their applications of funds with a residual
maturity of more than five years with investment capital.

Box 4.2: Presentation of the major COBAC prudential ratios

Representation of the minimum capital: Credit institutions must have at all times a paid-up capital or a paid-in allocation
whose amount is at least equal to the one set by decree public authorities. To that end, every credit institution must prove at all
times that its net internal liabilities are equal to or greater than the required minimum.
Net equity: credit institutions must have substantial equity to ensure the continuity of their transactions and absorb losses in the
event of liquidation. In addition to shareholders' equity, net equity includes other items defined by prudential regulations
(funding and guarantee funds, net income, consolidated equity of subsidiaries, revaluation reserves, etc.) from which are
deducted (i) the net equity of the institution, (ii) the net equity of the institution's subsidiaries, and (iii) the net equity of the
institution's subsidiaries. ) from which are deducted (i) equity securities, portfolio securities and subordinated loans held on
reporting credit and microfinance institutions; (ii) net commitments directly or indirectly held by a credit institution on a
related party, when they exceed 5% of the net equity; (iii) the amount of the surplus, in case the limits set for shareholding in a
credit institution are exceeded; (iv) additional provisions recommended by the General Secretariat of the COBAC
Risk coverage: Reporting credit institutions are required, under the conditions provided for in those regulations, to keep a ratio
of at least 8% between the amount of their net equity and the total credit risks they incur as a result of their transactions.
Coverage of fixed assets by investment capital: credit institutions are required to keep a minimum ratio of 100% between the
amount of their net equity and investment capital on the one hand, and the amount of their tangible fixed assets on the other.
Liquidity ratio : Credit institutions must hold sufficient liquid assets to cover net cash outflows over a 30-day period. A credit
institution is required to keep a minimum ratio of 100 % cash to short-term liabilities of less than one month at all times.
Coverage of fixed assets by capital investment: credit institutions are required to maintain a minimum ratio between the
amount of their net equity and permanent resources on the one hand, and the amount of their tangible fixed assets on the other,
set at a minimum of 100%.
Transformation ratio: Credit institutions collect savings and provide liquidity to the economy as a whole through balance sheet
transactions, managing illiquid, medium- and long-term assets, while liabilities are more liquid and short-term. This activity
generates well-known risks, namely interest rate and liquidity risks. Thus, all credit institutions are required to keep at all times
a ratio of 50% between their resources with a maturity of more than five years and their applications of funds as well as
commitments of the same term.
Liquidity ratio: Credit institutions must hold sufficient liquid assets to cover net cash outflows over a 30-day period. A credit
institution is required to keep at all times a minimum ratio 100% for liquid assets to current liabilities of less than one month at
all times,
Source : COBAC

IV.1.2. Situation of financial institutions

Under Article 8 of COBAC Regulation R-2009/02 on the determination of categories of credit
institutions, their legal form and authorized activities, credit institutions are licensed as universal
banks, specialized banks, financial companies or corporations.

50
An analysis of this provision shows that financial institutions are subdivided into two subgroups:
financial companies and specialised financial institutions (see Articles 11 and 12 of the
Regulation above).
Finance companies are financial institutions that cannot receive funds from the public at sight and
with a term of less than two years. They finance their activities by their own capital, by
borrowing from other credit institutions, on the capital markets or by any other means not
contrary to law.
Specialized financial institutions are financial institutions that cannot receive funds from the
public at sight and with a term of less than two years. They carry out a mission of public interest
defined by the National Authority. The methods of funding their activities as well as related
banking and non-banking transactions are governed by their own laws and regulations, while
respecting the common requirements of the banking regulations.
Payment service providers are defined under Article 2 of Regulation No.
04/18/CEMAC/UMAC/COBAC of December 21st, 2018 as any licensed institution providing
payment services as a usual profession.
Under that classification, Cameroon has six (06) financial companies and one (01) payment
service provider in 2020, namely:
 Alios Finance Cameroun (SOCCA);
 Crédit Foncier du Cameroun (CFC) ;
 PRO-PME Financement (PRO-PME);
 Société Camerounaise d’Equipement (SCE) ;
 Société de Recouvrement des Créances du Cameroun (SRC) ;
 Société Nationale d’Investissement (SNI);
 Wafacash.

IV.1.2.1. Mapping
In 2021, the number of branches of financial institutions remained stable at 26. The Littoral and
South regions are the most covered with 4 branches each, followed by the Centre and West
regions with 3 branches each. Those four regions alone account for 53.8% of the network of
financial companies.

51
Graph 4.7: Network of financial companies per region in 2020 and 2021

Source: CERBER reportings

IV.1.2.2 Intermediation
Between 2020 and 2021, the balance sheet total of financial companies increased by 2.0%. On
the assets side, that increase is mainly explained by the rise in other transactions (+7.8 billion)
and customer transactions (+1.2 billion).
On the liabilities side, it is explained by the increase in investment capital (+18.2 billion), and the
decrease in other operations (-4.4 billion), treasury and interbank transactions (-3.6 billion) and
customers’ transaction (-1.5 billion).
In terms of portfolio loss, net past due loans decreased by 8.5% from 50.2 billion to 46.0 billion.
However, the delinquency rate (58.4%) remains very high compared to other parts of the banking
sector.

Table 4.12: Balance sheet of financial institutions

(billion CFAF)

Variation in volume
BALANCE SHEET 2020 2021 Variation in %
(billion CFAF)
Amounts to be deducted from 11,7 10,5 -10,4% -1,2
investment capital
Fixed assets 67,5 70,4 4,2% 2,8

of which financial fixed assets 2,1 1,3 -39,7% -0,8

Customer transactions 139,5 140,7 0,8% 1,2

Long-term loans 61,4 66,9 9,0% 5,5

Medium-term loans 18,7 19,3 3,4% 0,6

Short-term loans 8,1 7,2 -10,8% -0,9

Net overdue loans 50,2 46,0 -8,5% -4,3

52
Customer accounts receivable 0,2 0,4 77,3% 0,2

Other customer receivables 0,1 0,1 29,1% 0,0

Unallocated securities 0,7 0,5 -33,3% -0,2

Related debts 0,1 0,3 204,1% 0,2

Other transactions 10,3 18,0 75,6% 7,8

Cash and interbank transactions 199,7 197,9 -0,9% -1,8

Of which investment and trading 0,0 0,0 0,0
securities
Total assets 428,7 437,4 2,0% 8,7
(in billion
CFA francs)
Variation in volume
LIABILITIES 2020 2021 Variation in %
(billion CFAF)
Investment capital 313,2 331,4 5,8% 18,2

of which equity 281,6 294,2 4,5% 12,5

Customer transactions 56,4 55,0 -2,6% -1,5

Special deposit accounts 25,8 26,1 1,4% 0,4

Time deposit accounts 5,5 3,8 -29,9% -1,6

Sight accounts payable 6,6 6,8 3,4% 0,2

Other accounts payable 17,3 17,6 2,1% 0,4

Related debts 1,3 0,5 -60,6% -0,8

Other transactions 37,7 33,3 -11,6% -4,4

Cash and interbank transactions 21,4 17,8 -16,8% -3,6

Total liabilities 428,7 437,4 2,0% 8,7

Source : CERBER

Between 2020 and 2021, the off-balance sheet activity of financial companies improved in all
areas, except foreign currency transactions that are structurally zero. In fact, customer
transactions, operations with correspondents, other commitments and leasing commitments
increased by 100.7, 10.2, 15.9 and 2.3 billion respectively.

Table 4.13: Off-balance sheet items of financial institutions

(billion CFAF)
OFF-BALANCE SHEET

Wording item 2020 2021

Year-on-year Year-on-year change
change in % in volume
Operations with correspondents 11,6 21,7 88,0 10,2
Commitments on orders from
0,0 0,0 0,0 0,0
correspondents
Commitments received from
11,6 21,7 88,0 10,2
correspondents
Operations with customers 359,4 460,1 28,0 100,7
Commitments on customer orders 31,7 23,9 -24,6 -7,8

53
Commitments received from
327,8 436,3 33,1 108,5
customers
Pledges 0,0 4,2 - 4,2
Guarantees received from
141,6 225,3 59,1 83,7
customers
Securities managed on behalf of
0,0 0,0 - 0,0
customers
Other guarantees received from
11,1 14,2 28,3 3,1
customers
Leasing commitments 55,3 57,6 4,2 2,3
Outstanding lease payments 0,0 0,0 - 0,0
Customer commitments received 52,7 52,9 0,4 0,2
Lease commitments given to
2,5 4,6 82,9 2,1
customers
Adjusting accounts 0,0 0,0 0,0 0,0
Foreign currency transactions 0,0 0,0 0,0
Foreign exchange spot transactions 0,0 0,0 - 0,0
Forward foreign exchange -
0,0 0,0 0,0
transactions
Foreign currency loans and -
0,0 0,0 0,0
borrowings
Premiums/discounts 0,0 0,0 - 0,0
Currency adjusting account 0,0 0,0 - 0,0
Other liabilities 348,7 364,6 4,6 15,9
Currency market liabilities 1,9 1,9 -4,1 -0,1
Securities transactions 0,0 0,0 - 0,0
Commitments received from the
0,0 0,0 - 0,0
State and specialized bodies
Doubtful commitments 122,8 123,0 0,2 0,2
Computer deferrals 224,0 239,8 7,0 15,8
Source : CERBER

IV.1.2.3. Trend in the APR of financial companies

In 2021, the cost of loans granted by financial companies dropped for individuals and large
companies.
For individuals, the average APR of their loans dropped from 18.90% in 2020 to 16.46% in 2021.
The drop is noted for all categories of loans granted to that clientele.
For large companies, the average APR fell from 12.66% in 2020 to 12.00% in 2021, due, in
particular, to the fall in the cost of their medium-term loans and leasing.
As regards SMEs, the cost of their loans increased by 1.77 percentage points. That increase can
be attributed to the rise in the cost of cash advances other than overdrafts (20.20% in 2020 as
compared to 22.08% in 2021), medium-term loans (15.15% in 2020 as compared to 17.28% in
2021), and leasing (18.52% in 2020 as compared to 20.44% in 2021).
In 2021, financial companies did not grant any loan to legal entities other than SMEs and large
companies.

54
Table 4.14: Annualized percentage rate charged by financial companies in 2020 and 2021 (in %)
Categories 2020 2021
1. Loans to individuals 18,90 16,46
Consumer loans, other than overdraft 28,42 27,41
Overdrafts -
Medium-term loans* 30,33 26,49
Long-term loans* -
Real estate loans 8,37 7,39
Leasing - 19,11
Guarantees -
Loans to SMEs 18,17 19,94
Cash advances, other than overdraft 20,20 22,08
Overdrafts -
Discounted bills of exchange -
Medium-term loans 15,15 17,28
Long-term loans 9,55
Leasing 18,52 20,44
Factoring -
Guarantees 18,17
3. Loans to large enterprises 12,66 12,00
Cash advances, other than overdrafts 15,90 -
Overdrafts - -
Discounted bills of exchange - -
Medium-term loans 10,36 10,80
Long-term loans -
Leasing 13,36 12,69
Factoring - -
Guarantees 12,66 -
4. Loans to legal persons other than SMEs and large enterprises 13,21 -
Consumer loans, other than overdraft - -
Overdrafts - -
Medium-term loans* - -
Long-term loans* - -
Real estate loans - -
Leasing - -
Leasing 13,21 -
5. Loans to public administrations and decentralized local authorities - 1,80
Cash advances, other than overdrafts - -
Overdrafts - -
Medium-term loans - 1,80
Long-term loans - -
Leasing - -
Guarantees - -
Source : NEFC
Per activity sector, the most expensive loans in 2021 were those granted to households (26.43%),
followed by the fisheries, fish farming and aquaculture sectors (26.31%), health and social
welfare (23.06%), trade, repair of motor vehicles and household goods (22.99%), education
(22.46%), transport, transport auxiliary activities and communications (22.38%) as well as hotels
and restaurants (20.39%).
The least expensive loans were those granted to individuals working in public administration
(4.69%), followed by loans to workers in the electricity, gas and water production and
distribution sector (10.23%).

55
 Table 4.15: Annualized percentage rate charged by financial companies per activity sector (%)
2020 2021
Activity sectors

Agriculture, hunting and forestry 15,25 16,28

Fishing, fish farming, aquaculture 18,48 26,31
Mining and quarrying 11,99 17,09
Manufacturing 13,56 13,31
Production and distribution of electricity, gas and water 8,62 10,23
Construction 17,69 11,24
Trade; repair of motor vehicles and personal as well as household goods 17,73 22,99
Hotels and restaurants 16,07 20,39
Transport, auxiliary transport activities and communications 20,62 22,38
Financial activities 8,91 12,29
Real estate, renting and business activities 10,47 17,25
Public administration activities 7,06 4,69
Education 9,95 22,46
Health and social welfare activities 15,68 23,06
Community or personal activities 9,32 12,59
Activities of households as employers of domestic workers 27,49 26,43
Activities of extraterritorial organizations 15,24 18,22
Source : NEFC

IV.2. MICROFINANCE SECTOR ASSESSMENT

IV.2.1. Microfinance sector mapping
Based on available1 data, the number of MFI branches increased from 1,713 to 1,724 (+11) sales
points between December 2020 and December 2021. Thus, 799 sales points are located in rural
areas, as compared to 797 as at December 2020, and 925 branches and counters are located in
urban areas, as compared to 916 in 2020.

Table 4.16.:Breackdown of MFI branches per zone

Urban Rural
Urban areas Rural areas Total areas areas
MFI/AREA
% Total % Total
31/12/2020 31/12/2021 31/12/2020 31/12/2021 31/12/2020 31/12/2021 31/12/2021 31/12/2021
FIRST CATEGORY 261 261 360 360 621 621 42,03 57,97
SECOND CATEGORY 648 657 437 439 1085 1096 59,95 40,05
THIRD CATEGORY 7 7 0 0 7 7 100,00 0,00
TOTAL 916 925 797 799 1713 1724 53,65 46,35
Source : MFIs reportings

The presence of MFIs in urban and rural areas varies per category. In fact:

1
The data used are the following:
- for the first category, those reported by the MFI networks
- for the second category, those of the 56 largest MFIs in terms of total balance sheet, whose financial statements
were collected on site
- for the third category, those reported by an active MFI.
56
 - 360 sales points of first category MFIs are based in rural areas, as against 261 in urban
areas. That geographical distribution can particularly be noticed within the CAMCCUL
network, where 50% of affiliates are based in rural areas;
- Second category MFIs operate mostly in urban areas, with 657 sales points in cities,
compared to 439 in rural areas;
- Third category MFI branches are only found in the main towns of the regions (Littoral and
Far North).

Graph 4.8: Breakdown of licensed MFIs per rural and urban areas

Source : NEFC

The Centre region remains the one with the highest number of sales points, with 456 branches,
followed by the Littoral (393), and the West (259). The regions with the least coverage are the
Far North (81), South (74), North (62), East (59) and Adamaua (56).
First category MFIs are mainly represented in the Centre (137 sales points), Littoral (111), North
West (110) and West (104) regions.
That coverage also applies to second category MFIs, whose sales points are mainly located in the
Centre, Littoral and West regions, with 319, 280, and 154 branches and counters respectively.
Third category MFIs operate in the Littoral (2 sales points), Far North (1), and West (1) regions.

Table 4.17. Breakdown of MFIs branches per region

CATEGORIE
CE SO LIT EA WE NW SW AD NO FN TOTAL
CATEGORY

137 21 111 10 104 110 72 16 18 25 624

FIRST

SECOND 319 53 280 49 154 50 52 40 44 55 1096

THIRD 0 0 2 0 1 0 0 0 0 1 4

TOTAL 456 74 393 59 259 160 124 56 62 81 1724

Source : NEFC

Graph 4.9: Geographical breakdown of microfinance institutions

57
 CE 26,5%

LIT 22,8%

OU 15,0%

NW 9,3%

SW 7,2%

EN 4,7%

SU 4,3%

NO 3,6%

ES 3,4%

AD 3,2%

0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0%

Source : Microfinance institutions reportings

IV.2.2 Intermediation

IV.2.2.1 Trend in the Balance Sheet Total

Between December 2020 and December 2021, MFIs balance sheet total increased from 783.20 to
911.72 (+128.52) billion. That increase is mainly due to the increase in the total assets of
CAMCCUL (+26.99 billion), RECCUCAM (+14.57 billion), UFC (+11.18 billion) and
ADVANS (+7.64 billion).
The second category still has the highest balance sheet total in the sector (53.24%), followed by
the first category (46.69%).

Table 4.18. MFIs balance sheet total (in billion CFAF)

Variation Variation
CATEGORY 31/12/2020 31/12/2021 % Total
in volume in %

370,82 425,68 46,69 54,86 14,79

FIRST

408,94 485,40 53,24 76,46 18,70

SECOND
THIRD 3,44 0,64 0,07 -2,80 -81,40
TOTAL 783,20 911,72 100,00 128,52 16,41
Source : MFI Reportings

IV.2.2.2. Trend in deposits

58
Deposits collected by MFIs rose from 624.80 billion as at the end of December 2020 to 728.39
(+103.59) billion as at the end of December 2021, thus increasing by 16.58%.
With 373.04 billion worth of deposits, the second category takes the lead (51.21%), followed by
the first category (48.79%). Third category MFIs are not authorized to collect customer deposits.

Table 4.19: Trend in MFIs' deposits (in billion CFAF)

Change Change
CATEGORY 31/12/2020 31/12/2021 % Total
in volume in %
FIRST 299,78 355,35 48,79 55,57 18,54
SECOND 325,02 373,04 51,21 48,02 14,77
TOTAL 624,80 728,39 100,00 103,59 16,58
Source : MFIs reportings
With regard to the breakdown per term, 82.47% of deposits collected by MFIs are short-term, as
against 10.85% for medium-term and 6.68% for long-term.

Table 4.20: Evolution of deposits per term (in billion CFAF)

Variation Variation
DEPOSITS PER TERM 31/12/2020 31/12/2021 % Total
in Volume in %
LONG TERM 36,74 48,67 6,68 11,93 32,46
MEDIUM TERM 59,39 79,01 10,85 19,62 33,04
SHORT TERM 528,67 600,71 82,47 72,04 13,63
TOTAL 624,80 728,39 100,00 103,59 16,58
Source : MFI reportings

IV.2.2.3. Trend in loans

The volume of loans granted by MFIs rose from 454.64 to 539.67 (+85.03) billion between
December 2020 and December 2021, thus increasing by 18.70%.
As at end of December 2021, second category MFIs granted most loans, amounting to CFAF
303.97 billion, as against CFAF 235.44 billion for the first category. Third category MFIs have a
total volume of loans amounting to 0.26 billion.

Table 4.21. Trend in loans granted by MFIs (in billion CFAF)

59
 Variation Variation
CATEGORY 31/12/2020 31/12/2021 % Total
in Volume in %
FIRST 207,97 235,44 43,63 27,47 13,21
SECOND 245,63 303,97 56,33 58,34 23,75
THIRD 1,04 0,26 0,05 -0,78 -75,00
TOTAL 454,64 539,67 100,00 85,03 18,70
Source : MFIs reportings

In total, 49.51% of loans granted to customers are short term, as against 35.78% for long term
and only 14.72% for medium term.

Table 4.22. Trend in loans granted per term (in billion CFAF)

Variation Variation
CREDITS PAR DUREE en volume en %
31/12/2020 31/12/2021 % Total
CREDITS BY DURATION Variation Variation
in volume in %
LONG TERM 119,36 149,88 35,78 30,52 25,57
MEDIUM TERM 47,32 61,65 14,72 14,33 30,28
SHORT TERM 183,05 207,40 49,51 24,34 13,30
TOTAL 349,73 418,92 100,00 69,19 19,78
Source : MFIs reportings

In the first category, long- term2 loans represent 58.10% of the overall loans granted. In the
second category, on the other hand, short-term loans represent 69.06% of all loans. The
predominance of long-term loans in the first category is mainly explained by the structure of the
portfolio of the CAMCCUL and RECCUCAM networks, whose loans are mainly long-term
(respectively 80.23 and 12.04 billion as at the end of December 2021).
As regards the quality of the loan portfolio, the volume of overdue loans increased by 15.10%,
from 104.91 to 120.75 (+15.84) billion. On the other hand, the rate of overdue loans decreased
from 23.08% as at December 31st, 2020 to 22.37% as at December 31st, 2021 (- 0.71 points).

2
Short-term loans: Loans with a duration of up to 1 year
Medium-term loans: loans with a duration of between 1 and 3 years
Long Term Loans: Loans with a duration of more than 3 years.
60
 Table 4.23.: Trend in Overdue debts (in billion CFAF)

Variation Variation
CATEGORY 31/12/2020 31/12/2021 % Total
in volume in %

40,82 46,90 38,84 6,08 14,89

FIRST
SECOND 63,48 73,72 61,05 10,24 16,13
THIRD 0,61 0,13 0,11 -0,48 -78,69
TOTAL 104,91 120,75 100,00 15,84 15,10
Source : MFIs reporting

The third category has the highest overdue rate (50%), followed by the second category (24.25%)
and the first category (19.92%).

Box 4.3: Weight of the microfinance sector in the financial sector

As at end of December 2021, the balance sheet total of the microfinance sector represented 11.27% of that of commercial banks. As for
MFIs' deposits and loans, they represented respectively 11.69% and 12.51% of banks' deposits and loans.

Table E.1: Comparison of banks' and MFIs' activities (in billion CFAF)

31/12/2020 31/12/2021
HEADINGS
MFIs balance sheet total 783,20 911,72
Banks balance sheet total 7 010,68 8 086,96
Total Balance Sheet 7 793,88 8 998,68
Total Balance Sheet MFIs/Banks (in %) 11,17 11,27
MFI deposits 624,80 728,39
Bank deposits 5 378,68 6 233,04
Total deposits 6 003,48 6 961,43
MFIs/Banks deposits (in %) 11,62 11,69
MFI loans 454,64 539,67
Bank loans 3 908,82 4 312,37
Total loans 4 363,46 4 852,04
MFIs/Banks loans (in %) 11,63 12,51
Source : MFIs reportings, CERBER

Variation Variation
Nombre de comptes ouverts en volume en %
31/12/2020 31/12/2021 % Total
Variation Variation
Number of accounts opened 61
in volume in %
Nombre de comptes EMF
2 451 881 2 797 337 41,11 345 456 14,09
Number of MFI accounts
IV.2.2.4. Performance Evolution

IV.[Link]. Social performance

Based on data from the Framework for the Analysis and Monitoring of Microfinance Institutions
(CASEMF), the majority of MFIs intend to serve those excluded from the traditional banking
sector, but the manifestation of that intention is not effective in more than 55% of those
institutions in 2021.
69% of MFIs report using indicators of poverty and exclusion to target their clientele (low
literacy, low income, insecure housing, lack of assets, geographical remoteness, number of family
members, type of business and physical disability to target their clientele), but only 28% of them
have service points in hard-to-reach areas. Women represent only 15% of loans beneficiaries. The
minimum required amount for opening a savings account is more than CFAF 5,000 in 74% of
those institutions.
Furthermore, client access to non-financial services adapted to social needs (education, health,
etc.) is generalized in only 24% of MFIs. 16% of them have set up an internal entity dedicated to
settling disputes with customers. 29% make periodic visits to more than 50% of clients to inquire
about their situation. 40% have set up medical coverage for their staff. 29% provide funding for
community projects. 10% have a special fund to respond to disasters or catastrophes in the
communities where they operate.

However, 85% of MFIs offer loans tailored to the needs of clients in the areas of education,
housing, health, trade, agriculture, livestock and equipment. 81% offer innovative financial
services such as money transfer, cheque and credit card payments, online micro-credit, mobile
banking and e-money. 88% have implemented specific measures to satisfy customers, such as
adapting branch opening hours and opening collection points on market days. Publishable
financial information is available to all customers in 81% of institutions. Customers can meet
with a senior official in case of disputes in 78% of institutions. 50% of MFIs have small business
training programmes. Only 25% systematically require a substantial insurance policy from
borrowers before loans are granted. In 90% of the MFIs, employees are fluent in local dialects.

The three best performing MFIs in the microfinance sector in terms of social performance
management are from the first category.

62
Table 4.24: Social Performance: Ranking of the 10 best performing MFIs out of the 140 assessed in
2021

MFIs Rating Rank

MUPECI 38 1
LOCCUL 35 2
COOP CA 35 3
SAVANA FINANCE 35 4
NDIAN 33 5
MUFID NNANGA 33 6
PECCU 32 7
PECTEN 32 8
KUMBA CENTRAL COOPERATIVE 32 9
MUKONJE COOPERATIVE CREDIT 32 10
Source : NEFC

IV.[Link]. Quality of loan portfolio

Between December 2020 and December 2021, the 30-day Portfolio at Risk (PAR30) increased
from 0.60% to 3.03% (+2.43 points) in the first category, from 2.63% to 3.32% (+0.69 points) in
the second category, and from 20.88% to 48.24% (+27.36 points) in the third category. As in the
previous year, the first category has the lowest delinquency rate, followed by the second
category. The third category keeps the highest rate.
As regards the provisioning of overdue loans, the risk coverage ratio deteriorated in all
categories. It decreased by 16.51 points in first category , by 4.41 points in third category 3 and
by 1.71 points in second category3. The second category took first in that respect, followed by the
third category.

Table 4.25: Trend in the risk coverage ratio (in %)

30-day portfolio at risk (PAR 30) RISK COVERAGE

MFIs
CATEGORIES
2020 (a) 2021 (b) Variation (b-a) 2020 (a) 2021 (b) Variation
(b-a)
FIRST 0,6 3,03 2,43 37,94 21,43 -16,51

SECOND 2,63 3,32 0,69 68,13 63,72 -4,41

THIRD 20,88 48,24 27,36 45,61 43,9 -1,71

Source : CASEMF

3
The 30-day Portfolio at Risk (PAR30) is the most widely accepted measure of portfolio quality in microfinance. It
shows the portion of the loan portfolio that is "contaminated" by delinquencies (late payments or non-payments) and
therefore at risk of not being repaid. The longer the delay in payment, the less likely the loan will be repaid.
The risk coverage ratio is calculated by dividing the PAR30 and the outstanding rescheduled loans by the provisions
for bad debt.
63
 IV.[Link] Efficiency and productivity
During the period under review, the operating4 efficiency ratio increased by 3.00 points in the
first category, by 17.18 points in the third category, and decreased by 2.49 points in the second
category. Unlike the previous years, the first category, that kept the best performance on this
indicator, shares the first position with the second category.

Table 4.26: Trend in the operating efficiency ratio (in %)

CATEGORIES OPERATING EFFICIENCY

2020 (a) 2021 (b) Variation (b-a)

FIRST 14,01 17,01 3

SECOND 19,5 17,01 -2,49
THIRD 24,81 41,99 17,18
Source : CASEMF

IV.[Link] Financial management

In 2021, the loan portfolio represented 49.70% of the balance sheet total of MFIs in the first
category, as against 53.84% in the second category and 35.29% in the third category. The weight
of loans in the balance sheet total of MFIs decreased by 0.12 percentage points in the first
category, and increased by 3.33 and 8.94 percentage points in the second and third categories
respectively.
During the year under review, the cost of financial resources increased in category 1 and
decreased in other categories. It decreased from 3.28% to 4.68% (+1.40 percentage points) in the
first category, from 5.36% to 4.59% (-0.77 percentage points) in the second category, and from
5.95% to 1.14% (-4.81%) in the third category.
The structure of MFIs resources remains dominated by external resources (loans, customer
deposits, debts payable, correspondent accounts). However, the debt/ Equity5 ratio only increased
in the first category (+55.71 points), and decreased in the other two categories, as illustrated in
the following table:

4
The operating efficiency ratio is calculated by dividing total operating expenses (including all administrative and
salary expenses, depreciation of fixed assets and directors' remuneration) by the average outstanding gross loan
portfolio over the period under review. It measures the operational costs incurred by the MFI in providing its
lending service. The lower it is, the more efficient the institution is.
5
This ratio measures the level of indebtedness and the degree of security (in terms of equity) that an MFI has to
cover possible losses. It is calculated by dividing the total liabilities of the MFI by its total equity. Total liabilities
include everything that the MFI owes, namely customer deposits, loans taken out, accounts payable and any other
liability accounts.
64
Table 4.27: Trend in debt/equity ratio (in %)

CATEGORIES PORTFOLIO/ BALANCE FUNDING COSTS DEBT/EQUITY

SHEET TOTAL

2020 2021 Variation (b- 2020 2021 Variation 2020 (a) 2021 (b) Variation (b-
(a) (b) a) (a) (b) (b-a) a)
FIRST
49,82 49,7 -0,12 3,28 4,68 1,4 484,37 540,08 55,71
SECOND
50,51 53,84 3,33 5,36 4,59 -0,77 658,87 498,48 -160,39
THIRD
26,35 35,29 8,94 5,95 1,14 -4,81 2 130,09 -837,23 -2967,32
Source : CASEMF

IV.[Link]. Profitability
The second category remains the most profitable category in the microfinance sector, followed by
the third category. The first category keeps the last position in terms of profitability.
The rate of return on equity improved in all categories. Indeed, it moved from -7.72% to -6.09%
(+1.63 points) in the first category, from 8.50% to 15.62% (+7.12 points) in the second category,
and from 2.10% to 3.08% (+0.98 points) in the third category.
The rate of return on assets remained broadly stable, moving from 0.56% to 0.50% (-0.06 points)
in category 1, from 1.11% to 1.92% in category 2 (+0.81 points), and from 0.26% to 1.45 (1.11
points) in category 3.
However, the table below shows that the profitability of the loan portfolio deteriorated in the first
category (-1.00 points) and in the third category (-9.36 points), while the rate of return on the
portfolio remained unchanged in the second category (13.00%).
As regards the operational6self-sufficiency ratio, it increased by 3.36 points in category 2, from
91.40% to 94.76%. However, in the first and third categories, it contracted from 73.78% to
58.42% and from 43.49% to 18.96% respectively. The second category thus keeps the first
position, followed by the first category.

The operational6 self-sufficiency ratio provides information on the capacity of the MFI to cover its operating
expenses using its financial operating income alone. It is calculated by dividing the amount of interest and fees
received by total operating expenses.
65
 Table 4.28: Trend in the operating self-sufficiency ratio (in %)

CATEGORIES RETURN ON EQUITY RETURN ON RETURN ON OPERATIONAL

ASSETS PORTFOLIO SELF-SUFFICIENCY

2020 2021 Variation 2020 2021 Variation 2020 2021 Variation 2020 2021 Variation
(a) (b) (b-a) (a) (b) (b-a) (a) (b) (b-a) (a) (b) (b-a)

FIRST - -6,09 1,63 - -0,5 0,06 9 8 -1 73,78 58,42 -15,36

7,72 0,56
8,5 15,62 7,12 1,11 1,92 0,81 13 13 0 91,4 94,76 3,36
SECOND
2,1 3,08 0,98 0,26 1,45 1,19 9,36 0 -9,36 43,49 18,96 -24,53
THIRD

Source : CASEMF

IV.2.3. Transformation

Between 2020 and 2021, the loan/deposit ratio for category 2 MFIs increased from 75.57% in
2020 to 81.48% in 2021. For category 1 MFIs, the ratio decreased slightly from 69.37% in 2020
to 66.26% in 2021.

Table 4.29: Trend in the loan/deposit ratio

31/12/2020 31/12/2021
CATEGORIES LOANS /
DEPOSITS LOANS LOANS/DEPOSITS DEPOSITS LOANS DEPOSITS
FIRST 299,78 207,97 69,37% 355,35 235,44 66,26%
SECOND 325,02 245,63 75,57% 373,04 303,97 81,48%
Source : NEFC

Similarly, the ratio between long-term loans granted by MFIs and their short-term resources
reveals that globally, sight deposits are in excess over long- and medium-term loans (LMTL):
- In the first category, the long and medium term loan ratio to sight deposits rose from 40.9
to 42.9% during the period under review;
- In the second category, it increased from 19.7% to 25.9%.

66
Table 4.30: Trend in the long and medium term loans to sight deposits ratio

31/12/2020 31/12/2021
CATEGORIES LMTL/
SIGHT SIGHT SIGHT LMTL/
DEPOSIT LMTL DEPOSIT DEPOSIT LMT SIGHT DEPOSIT
FIRST 294,62 120,48 40,89% 326,57 140,17 42,92%
SECOND 234,05 46,11 19,70% 274,14 71,24 25,98%
Source: NEFC, SD= Sight deposits, LMTL= Long and medium term loans

IV.2.4. Supervision

IV.2.4.1. COBAC decisions

During the 2021 financial year, COBAC took one hundred and eighty-one (181) Decisions on
MFIs in Cameroon, as shown on the table below.

Table 4.31: COBAC Decisions on MFIs

COBAC DECISIONS NOMBRE
NUMBER
Injunction against MFIs 60

Prior authorization for appointment of managers 38

Prior authorization for appointment of auditor 28

Prior authorization for MFIs licensing 16

Opening disciplinary proceedings against external auditors 9

Prior authorization for capital increase 6

Blame on external Auditors 6

Prior authorization for change of company name, category and legal status 5

Appointment of Liquidator 3

Extension of liquidator mandate 2

Extension of provisional administrator mandate 2

Placement under provisional administration 2

Refusal of prior authorization for appointment of External Auditor 1

Appointment of provisional administrator 1

Closing MFI liquidation 1

Prior authorization for services provision 1

TOTAL 181

67
 IV.2.4.2. NEFC Decisions
Between January 1st, 2021 and December 31st, 2021, the NEFC issued eleven (11) authorizations
to open MFIs sales points and registered twelve (12) MFIs.

68
V. EVALUATION OF THE 2021 ACTIVITY PROGRAMME

69
During its February 16th, 2021 session, the NEFC adopted its 2021 activity programme that set
out all the activities to be carried out during the year.
However, some activities were not carried out because of the COVD-19 health crisis. The matrix
below shows the implementation rate for each activity.

Table 5.1: Evaluation matrix for the 2021 NEFC activity programme
N° ACTIONS Implementation Implementatio
n rate
1 Preparation of the report on currency, The report on currency, credit and the functioning of the 100%
credit and the functioning of the financial financial system for the year 2020 was adopted by the NEFC,
system for the year 2020. then sent to MINFI for further action during the NEFC
session of August 9th, 2021.

2 The NEFC Annual Report was adopted by the NEFC during 100%
Preparation of the NEFC 2020 annual its August 9th, 2021 session, then published on the NEFC
report. website.

3 . 100%
Calculation and publication of the APRs of The average APRs for the second half of 2020 and the first
credit and 2nd category microfinance half of 2021 were published on May 21 st, June 21st,
institutions. November 15th, and December 1st, 2021 respectively.
4 100%
Determination of the average cost of funds The average cost of funds was determined on March 1st,
for the year 2020. 2021 and published as per the provisions of the relevant
MINFI Order on March 4th, 2021.
5 Consistency check of data from the CIP- 100%
FIBANE-CASEMF platform, the RNSM This activity was carried out from June 7th, to July 2nd, 2021
and the CREMF. and the report was produced on July 21st, 2021.
6 Plausibility check of data tele-reported in 100%
the application for calculating and Activity fully completed and leading to the publication of
archiving APRs and URs during the first average TEGs and usury thresholds.
half of 2021.
7 100%
Revision of the NEFC accounting The NEFC accounting nomenclature has been fully reviewed,
nomenclature enriched and validated since December 3rd, 2021.
8 The application for processing accounting data was received 100%
Computerisation of the NEFC accounts. and went operational on December 3rd, 2021.

9 The first phase of the study for defining the guarantee fund 50%
model for Cameroon has been completed.
Study on the creation of a guarantee fund
for SMEs (continued) The World Bank transmitted to MINEPAT on December
16th, 2021 the draft ToRs for the second phase of the study
on the fund structuring.
10 1- The methodological note on the study was 30%
examined by the project steering committee.
Study on the Cameroon financial sector 2- The World Bank carried out a virtual mission to
development plan (continued) Cameroon from November 15th, to November 23rd,
2021 in view of evaluating the infrastructures that
should facilitate SMEs access to funding under the
preparation of Cameroon financial sector
development plan (P176337).

11 Deployment of the application for Due to the Covid-19 pandemic, this activity was not fully 25%
calculating and archiving the Annualized carried out. Only four (04) 2nd category MFIs were covered:
percentage rate (APR) and the Usury rate CONADIE, RIC, APESA, CECAW.
for 2nd and 3rd category MFIs.
12 -Questionnaires were sent to all credit institutions and 2nd 15%
Study on the new banking related fields of category MFIs that systematically report data on the NEFC
expertise as regards disruptive IT platform ;
technologies -Replies to the questionnaires are currently being collected
and analyzed.
70
N° ACTIONS Implementation Implementatio
n rate
13 The ToRs for the project have been adopted 10%
Creation of a comparison of banking rates Data collection on customers’ most used products and
in Cameroon. . services is underway.
14 Letters were sent to the National Directorate of Insurance on 10%
November 3rd, and December 15th, 2021 for that purpose.
Study on guarantees issued by insurance No response so far.
companies.
15 0%
Verification of Banks compliance with the The verification of Banks compliance with the Minimum
Minimum Guaranteed Banking Service Guaranteed Banking Service (MBS) has not been carried out
(MBS) by banks. due to health restrictions.
16 Calculation and monitoring of the 0%
Financial Services Price Index (FSPI) and Field data collection was not carried out due to health
setting up of a composite financial restrictions.
inclusion index.
17 0%
Continuation of seminars to disseminate
the NEFC tools for centralizing .
information on bank customers and the The field seminars were not carried out due to health
deployment of those tools; and study on the restrictions.
impact of consulting those computer
platforms on the quality of the loan
portfolio for reporting institutions

18 0%
Annual survey on the pricing of financial
services (credit, microfinance and payment
institutions, insurance companies, stock The survey was not carried out due to health restrictions.
exchange and portfolio management
companies, financial companies).

19 0%
Updating the corporate scoring model in The updating of the corporate scoring model was not carried
FIBANE and setting up MFIs' customer out due to health restrictions.
scoring.
20 The continuation of the 2nd phase of the survey on e-money 0%
was not carried out due to health restrictions.
Continuation of the 2nd phase of the
survey on e-money.
21 Continuation of the assessment of the The assessment of the management of microfinance 0%
management of microfinance institutions. institutions was not carried out due to health restrictions.

71
ANNEXES :

Table A1: Directory of licensed credit institutions as at end of 2021

REGISTRATION
IN THE NEFC
BANKS BOARD CHAIR GM DEPUTY GM LEGAL STATUS CAPITAL LICENSE SPECIAL NUMBER
REGISTRY

AFB FONKOUA NAFACK YOUSSOUFA SA Order n°00005/MINFI/DCE2 of Individual decision BC 11

KAKE Jean Paulin [Link] n°01/880 of 14/01/88
Alphonse BOUBA PLC 20/07/1987
Individual decision EF 2
ALIOS NZUTUE FOTSO SA Order n°00305 of 11/07/2000
ZGHAL Hichem BAMAN Olivier [Link]
FINANCE Georges PLC
Individual decision BC 25
KOFFI KONAN SAYOUBA SA Order n°00000484/MINFI of n°58/09 of
BAC ZOA Eric Valery [Link]
Léon OUEDRAOGO PLC 19/09/2008 19/01/2009

M. NKODO MANDENG née Individual decision BS 01

AMADOU SA Order n°243/MINFI of n°03/EC/2015 of
BC-PME FOUMENA NDOUMBE [Link]
HAMAN PLC 16/08/2013 12/03/2015
Theodore Agnès
Individual decision BC 26
NZONLIE LOWE ABAKAL OPIRA ONGALA SA Order n°180/MINFI of n°09/10 of
BGFIBANK [Link]
Richard MAHAMAT Hyancinthe PLC 01/11/2010 22/11/2010

Individual decision BC 16
BICEC BOKAM Jean- SA Order n°0024/MINEFI/CAB of n°05/97 of
Rochdi SANHAJI KONDO Isabelle [Link]
Baptiste PLC 22/01/1997 10/03/1997

BC 20
FADIKA SA Order n°07/1505/CF/MINEFI of Individual decision
CITIBANK ACHA GORDON EDO Marie-Laure [Link] n°17/98 of
YOUSSOUF PLC 23/04/2007
11/08/1998

Order n°08/97 of BC 17
DJUMMO GOUATIER Jean- SA 25/11/1997
CBC TIKI Alfred [Link] n°238/MINEFI/DCE/DMF/IB2
Léandre Elisé PLC
of 19/11/1997
RICHARD Individual decision BC 22
ABUNAW SA Order n°00295/MINFI of n°24/2001 of
ECOBANK NDOUMBE [Link]
Gwendoline PLC 04/07/2000 01/02/2001
LOBE
AFAMBELE [Link] BERDU SA Order n°06/400/CF/MINEFI of Individual decision BC 23
NFC-BANK [Link] n°41/06 of 21/12/06
Lucas AGWARA MANJO PLC 08/12/2006
Alexandre Louis Madeleine Individual decision BC 12
OKOUDA Martin SA Order n°0008/MINFI/DCE2 of n°07/89 of
SCB Clément EBENYE épouse [Link]
Aristide PLC 03/08/1989 25/08/1989
BEZIAUD EWELE KOUM

72
 REGISTRATION
IN THE NEFC
BANKS BOARD CHAIR GM DEPUTY GM LEGAL STATUS CAPITAL LICENSE SPECIAL NUMBER
REGISTRY

Individual decision BC 3/74

NOUMOUE SA Order 187/MINEFI/CE2 of n°46/74 of
SGC MALONG Alain PICHOU Nicolas [Link]
Victor PLC 05/07/1974 27/05/1974

Individual decision BC 6
SCBC ASONGANYI SA Order 14153/MINFI/CE/D of n°2/79 of 20/02/1979
FONCHA Martin Idrissa KAMARA [Link]
Anna PLC 20/12/1986

YUYUN Order Individual decision BC 21

NJONG Éric PLC n°23/00 of
UBC BANBOYE - [Link] 0319/MINEFI/DCE/DMF/EC of
NJONG PLC 15/06/2000
Clément 08/09/1999
Individual decision BC 24
ESSOKA BEUMO Brice AHMADOU SA Order n°07/1512/G/MINEFI of n°47/07 of
UBA [Link]
Ebenezer Patrick OUMAROU PLC 31/08/2007 13/11/2007

M. NDONGO M. MISSI J.P.M A M. TJONOG Jean SA Individual decision 1/ECB

CFC 10 000 000 000 Order n°5/78 of 16/10/1978 n°5/78 of 16/10/1978
Jules Doret NEYNOKH Calvin PLC
M. NGUE Jean M. EDZOA Pierre SA Individual decision EF 13
PRO-PME 2 000 000 000 Order n°00296 of 27/06/2001 n° 797 of 28/09/18
Victor Conrad PLC
CHOUPO M. KUEMBOVE Order Individual decision EF 1
M. PEDHOM SA n° 19/98 of
SCE KOUINCHE FUMBOP 2 080 000 000 n°00156/MINEFI/DCE/DMF/EC
Victor PLC 10/11/18
YVES Hermann Joel of 10/08/1998
Individual decision n° EF 12
Wafacash Central Mme Samira M. Mehdi Mme YANA SA Order n°0616/MINIFI of 02/EC/2017 of
2 600 000 000
Africa KHAMLICHI KHANDID Solange PLC 21/11/16 16/08/17

Arrêté n° 000405MINFI du 30 Décision à Caractère BC 27

individuel
MEGUDJOU SANDA Ibrahim SA mai 2018
CCA-BANK NKEMLA Albert 13 750 000 000 Individual decision n°
André Alexis Oumarou PLC Order n° 000405MINFI of 06/EC/2018 of 19
30/05/18 juillet 2018

BANGE CMR SA NSUE OSA MOYO AVORO ESSISSIMA SA Order No. 00000840/MINFI of Individual decision BC 28
10 000 000 000 n° 00000820 of 25
Jacinto Emilio Pascal Hervé PLC 10 November 2020
octobre 2021

73
Table A2: Geographical breakdown of bank branches in 2021

REGIONS/BANKS ADAMAUA NORTH FAR NORTH CENTRE SOUTH EAST LITTORAL NORTH SOUTH WEST TOTAL
WEST WEST
BICEC 1 1 2 7 3 2 11 1 6 3 37
SCB 2 2 3 16 4 1 18 2 3 5 56
SGC 1 1 2 10 2 1 14 1 3 4 39
STD BK 0 0 0 1 0 0 1 0 0 0 2
AFBK 1 1 2 19 2 1 18 1 2 5 52
CBC 0 1 1 3 1 0 5 0 0 3 14
CITI 0 0 0 1 0 0 1 0 0 0 2
ECOBK 1 1 1 3 0 1 8 1 4 1 21
UBC 0 0 0 3 0 0 4 2 2 1 12
NFC-BK 0 0 0 6 0 0 2 3 4 0 15
UBA 0 1 0 5 0 0 11 1 1 1 20
BAC 0 0 0 4 1 1 11 2 2 2 23
BGFIBK 0 0 0 3 1 0 7 1 0 1 13
BC-PME 0 0 0 1 0 0 1 0 0 0 2
CCA BK 1 1 2 11 2 1 14 2 3 5 42
BANGE 0 0 0 2 0 0 1 0 0 0 3
TOTAL 7 9 13 95 16 8 127 17 30 31 353
Source : NEFC

74
Table A3: List of branches of microfinance institutions authorized to open in 2021
REGIONS/MFIs ADAMAUA NORTH FAR NORTH CENTRE SOUTH EAST LITTORAL NORTH SOUTH WEST TOTAL
WEST WEST
La Régionale 2 2 4 16 4 2 9 1 2 42
UFC 5 2 7
First trust saving and Loan 1 1 2
Rural Investment (RIC) 3 4 4 2 4 17
Express Union Finance 1 2 8 1 1 4 2 19
(EUF)
Dekap Lap 1 1 1 3
Credit Mutuel du Centre 4 4
Le Pelerin 1 1
Total 3 2 7 38 5 3 21 4 3 9 95
Source : NEFC

Table A4: List of reporting institutions registered with the NEFC in 2021
N° NAME CITY CATEGORY DATE NUMBER

Banks

1 BANGE CMR Yaounde 25/11/2021 Individual decision n°

00000820

Microfinance institutions
1 SAVAN ISLAMIC FINANCE S.A N'GAOUNDERE 2 26/07/2021 Individual decision N°
012/EMF/2021
2 MUTUELLE FINANCIERE DE DEVELOPPEMENT DE MUYUKA MUYUKA 1 22/06/2021 Individual decision N°
COOP-BOD 007/EMF/2021
3 MUTUELLE FINANCIERE DE DEVELOPPEMENT D'ABONG-MBANG ABONG- 1 26/07/2021 Individual decision No
MBANG 013/EMF/2021
4 SOBA COOPERATIVE CREDIT UNION S.A YAOUNDE 2 25/10/2021 Individual decision No
014EMF/2021
5 MUTUELLE FINANCIERE DE DEVELOPPEMENT DE BELO NJINIKOM 1 22/06/2021 Individual decision No
004/EMF/2021

75
 6 MUTUELLE FINANCIERE DE DEVELOPPEMENT DE BAMOUGOUM BAMOUGOUM 1 22/06/2021 Individual decision N°
005/EMF/2021
7 MUTUELLE FINANCIERE DE DEVELOPPEMENT DE LOUM LOUM 1 22/06/2021 Individual decision N°
006/EMF/2021
8 MUTUELLE FINANCIERE DE DEVELOPPEMENT DE OBALA OBALA 1 10/05/2021 Individual decision N°
009/EMF/2021
9 MUTUELLE FINANCIERE DE DEVELOPPEMENT DE TONGA COOP- TONGA 1 10/05/2021 Individual decision N°
GIC 008/EMF/2021
10 ALAMANDUM COMMUNITY CREDIT AND SAVINGS MANKON 2 10/05/2021 Individual decision N°
010/EMF/2021
11 DEKAP LAH S.A BAMENDJOU 2 10/05/2021 Individual decision N°
011/EMF/2021
Source : NEFC

76