The Cameroon bank for Small and Medium Enterprises (BCPME) SA will open its doors this coming Monday. Agnes Ndoumbé Epse Mandeng, CEO of the BCPME SA, designated on June 6, 2014, revealed that the Bank of Small and Medium Enterprises announced by the head of state President Paul Biya since 2011 has finally come into being. Cameroon Concord was reliably informed that the share capital of the said financial institution wholly owned by the state of Cameroon amounts to 10 billion CFA francs.
The BCPME SA replaces the Credit Guarantee Fund (FOGAPE) that went bankrupt in 1984. Its main task will be to participate in the creation of enterprises and also to ensure capacity building of structures and actors to ensure that projects submitted for financing are 75% bankable noted Laurent Serges Etoundi Ngoa, the Cameroonian Minister of Small and Medium Enterprises.
On July 20, 2015, the BCPME SA -whose headquarters is in the district of Nlongkak in Yaounde will enter the commercialization phase with the counters opening to its target populations.