Officials say claims that the bank has blocked reimbursement of customers are unfounded.
Afriland First Bank SA accused by liquidators of dissolved Cofinest microfinance institution of blocking the reimbursement of its former customers has refuted the allegations, saying its hands are clean in what has come to be known as “Cofinest Saga”.
According to a Cofinest communiqué published in Cameroon Tribune on Tuesday March 13, Afriland First Bank unilaterally suspended the repayment of savings of customers of the defunct bank when the operation had got to the third phase. According to the communiqué, FCFA 553,904,506 had been put at the disposal of Afriland First Bank since August 4, 2011 to begin the payment of the third phase of the reimbursement of savings between FCFA100, 001 to FCFA 500,000. The communiqué further states that, “based on the noticeable blockage on the repayment of customers of ex-Cofinest, solely by the bank, the liquidator declines any responsibility specifying that a sum of FCFA 1,117,886,046 has been lying in the coffers of Afriland First Bank since seven months.” According to the communiqué, the liquidator has filed a law suit and requested that the customers due the repayment should go to the bank for their money.
When this reporter approached Afriland First Bank Tuesday, officials said the bank was preparing its response. According to the response published on C.T. yesterday Wednesday March 14, Cofinest outing is some sort of passing on responsibility for the dilemma that befell the defunct microfinance house. “Our bank was solicited in February 2011 by Cofinest to exceptionally offer our counters for the reimbursement of Cofinest customers. This was to be paid according to the following segments, FCFA 0 to FCFA 50,000 and FCFA 50,000 to FCFA 100,000 for the second segment. Faced with the context to assist, the bank was legally covered by the judicial situation of Cofinest and from the operational standpoint by the convergence of views of COBAC, the State and Cofinest,” Afriland First Bank communiqué reads. As at now, the communiqué further states that 7,167 customers have been effectively reimbursed.
Along the line, the Wouri High Court in Douala delivered a judgement admitting the judicial liquidation of Cofinest, bringing in three parties to manage the affair. A complaint filed against the court’s decision as well as the divergence of views, the communiqué states, forced Afriland First Bank to go into reserve.
