COFINEST to reclaim FCFA 10 billion debts to repay customers

François Xavier Zingui, the liquidator of the Company's financial estuary (COFINEST), a microfinance institutions (MFIs) once prosperous in Cameroon but unfortunately went bankrupt in 2010, has just published the "list of top large debtors" of CONFINEST.

This list is made up of 85 persons, who are invited to "come and pay off all their debts, or otherwise negotiate a reasonable repayment or force will be used against them to recover the debts."

These debtors are liable for the sum of FCFA 9.9 billion to the former COFINEST, revealed a release from the liquidator, which also informs that the largest debtor is Union Sportif of Douala (FCFA 2.9 billion) a League One football club in Cameroon. Leaders of this team, it will be remembered, have for some time been in the leadership of the defunct COFINEST.

Since this microfinance institution went bankrupt in February 18, 2011, we learn, repayments or programmed concerned, to April 30, 2014, some 48,636 depositors on 51,549 that had EMF to its closure. Only a circa FCFA 624,315,000 has being reimbursed.

In addition, more than FCFA 776 million were also put in charge, but have not yet been removed by the beneficiary’s desk Afriland First Bank, banking institution that has offered its services to customers for the refunds of ex-COFINEST debts.