Three Microfinance institutions have received grants from the United Nations Development Programme in oder to scale up their capacity to provide their capacity to provide financial products and services adapted to the needs of young people, women and rural populations in the project intervention areas of Far North, North, Adamawa and East regions of Cameroon.
To that effect, a Memorandum of Understanding was signed between the UNDP and the three microfinances.
This initiative which is a pilot exprience will improve the quality and availability of appropriate financial services and performance of MFIs, the Resident Representative of the UNDP Mr. Jean Luc Stalon said.
He added that the final goal of this Support Project for Economic Resilience is to see young people, women and populations at-risk have increased and equitable access to employment opportunities and are more economically resilient by end of 2020.
Representing the Minister of Finance, the Director General of Treasury, Moh Sylvester thanked the UNDP and other partners who are accompanying the government in its drive to attain emergence by 2035.He lauded the partnership that has always existed between government and them and revealed a roundtable will soon be held with stakeholders and partners to chart a national strategy for inclusive finance.
To the Microfinance institutions, he challenged them to better manage the support for the interest of the population and local communities. He equally urged them to be innovative, create financial products and services that will benefit the local communities.
He hope the project will be extended to other regions but stresse it is only the better management of the support by these three microfinance institutions that will encourage the UNDP and other partners to extend the project to other regions.The results of this project should be evident by the end of 2020 as government, he added.
The financial allocation which is fully funded by UNDP Core funds will run for two years and will involve the following MFIs: Crédit du Sahel based in Maroua, Microfinance de Développement based in Garoua and Savana Islamic Finance located in Ngaoundéré.
The said the three microfinance institutions were duly selected after a rigourous process conducted in August 2019.
In order to ensure the effective and efficient management of the funds by the microfinances, a mechanism that will enable the transparent rendering of accountability will be developed and jointly set up by the UNDP and the MFIs, the Resident Representative of the UNDP said.