It is no news that the banking sector in central Africa especially in Cameroon is facing huge challenges. Apart from the fact that the economic landscape of the country is threatened by civil unrest due to an on-going ‘Anglophonecrisis’, there are other factors which contribute to the slow nature of banking transactions in Cameroon. One of those factors is the advent of Mobile Money payment systems.
In the digital age, movements to bank houses has become sort of obsolete as people are keeping up with the changing trends of the world. Nowadays everything is so fast and payments made by Mobile Money is the fastest way to go. People no longer have the time to stand waiting in long cues so the earlier and faster banks adapt to this system the better for them.
Now at the Banking Forum that held from the 28th and 29th of June in Douala solutions were proposed and resolutions taken to revamp and innovate the Banking sector in Central Africa.
Another important point discussed was the reason for the almost non-existant funding of SMEs by Cameroonian banks most especially.
Gwendoline Abunaw MD of Ecobank Cameroon reiterated that most SMEs in Cameroon grow in the informal sector and do not have substantial guarantees to be granted loans. She therefore advised that private institutions should operate fairly and in all transparence to be able to gain the trust of financial operators.
Afriland Bank’s MD Alphonse Nafack also explained that not all banks have the same policies. Meaning that not all banks grant loans or assist SMEs…he suggested that the financial body comes together to create alternative solutions that will support Cameroonian Start-ups financially given the fact that they make up 90% of the Cameroonian economy.