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Cameroon:Chamber of Agriculture launches fundraising campaign in bid to create a microfinance

Janvier Mongui Sossomba, President of the Chamber of Agriculture, Fisheries, Livestock and Forests (Capef) of Cameroon, has just revealed that the fundraising started in February 2016 to create a microfinance structure, led to the registration of 7,000 subscribers. The global amount of capital subscriptions in Capef’s future microfinance structure, we learn, reaches FCfa 2 billion.

According to the president of Capef, the remainder of the process for the creation of this micro-bank plans for, in the coming days, the organisation of regional general meetings. During these meetings, the representatives of the subscribers, who will take part in the ordinary general meeting which should take place soon in Yaoundé, the capital, will be chosen. During this general meeting, we learn, the name of the structure will be decided, and the decision-making and executive bodies of the future microfinance institution of Capef will be set up.

Meant to reduce the difficulties encountered in accessing financing by farmers, breeders and other small logging operators, the microfinance establishment to be created, Capef claims, will become a relay on the ground for the agricultural bank in development in the country. With an initial capital of FCfa 10 billion, this public bank has been awaited since 2011.

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Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .

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