The sum of FCFA 46 billion has been granted as loans to more than 650,000 people, either individually or through various groups and associations, since 1992 by 81 microfinance institutions, MFIs operating throughout the national territory. Forty per cent of the amount was given to boost production, storage and marketing in agropastoral activities.
This was disclosed by Dr. Justin Bomda, the Executive Secretary of the non-governmental organisation, Appropriate Development for Africa Foundation, ADAF, during the seminar that opened the fourth general assembly of the Association of Community and Growth Micro-banks and Women Credit and Savings Cooperatives, AMC2 last Tuesday November 16 in Yaounde, under the theme “Microfinance and Development”. The event brought together more than 250 participants representing community and growth MFIs known as MC2 as well as credit and savings cooperatives for African women, better known as MUFFA. These institutions all operate under the MC2 model, a community-based development approach conceived by Paul Kammogne Fokam to fight poverty by mobilising savings and resources in the community to help rural people and underprivileged women in urban and semi-urban areas become self reliant in a sustainable manner.
Since the creation of the first MC2 structure in 1992 in Baham, West Region, the number rose sharply all over Cameroon prompting the creation of an association of MC2 MFIs and MUFFA in November 1993 with mission of coordinating their activities. With the technical assistance of ADAF, Afriland First Bank, government and international partners, the MC2 network has grown through three phases that include sensitising the poor population, mobilising resources especially through savings and financing individual income generating activities. “Today, we are in the fourth phase of the development of the model which is the promotion of community economic projects. This phase will boost development through projects that will be implemented through the promotion of job creation,” said the AMC2 patron, Paul K. Fokam.
On his part, the Vice Prime Minister, Minister of Agriculture, Jean Kuete acknowledged the important role played by the MC2 proximity banks to promote agriculture and rural development and said that it was vital for our economy to sufficiently increase agricultural production. Awards to the best performing MFIs and an exhibition preceded two other presentations on the fiscal and regulatory frameworks as well as tips on forging partnerships and increase in the profitability of their structures. The day ended with the fourth ordinary general assembly that had as highlight the presentation of activity and financial reports, the adoption of the five-year development (2010-2014) plan, the restructuring of the Board as well as the adoption of resolutions.
