Chamber of Agriculture launches project on agricultural microfinance

The Chamber of Agriculture, Fisheries, Livestock and Forestry of Cameroon, (Capef) has launched the creation of an establishment of agricultural microfinance.

The future financial institution will take the form of a limited company which will provide financial support to local producers, and lay the foundations of social security for rural people.

A subscription campaign will begin from October 19 to December 15, 2015, on the whole Cameroonian territory. This is to open the shareholding of agricultural microfinance to all Cameroonians.

This implies ownership and focuses on Farmer organizations, Agricultural Microfinance Institutions, Cooperatives, agribusiness and forestry companies, Officials and state employees.

"It's based on the number of subscribers and the amounts subscribed that we will determine its capital," said Capef officials.

A key social role

One thing is certain, agricultural microfinance will take the form of a limited company and will be based in Yaounde. "For now, the share is FCFA 10 000 or 17 dollars," said the president of the Capef, Janvier Mongui Sossomba. So far, no one has said anything on interest rates.

The role of this agricultural microfinance creation "will initially support producers financially and for the second time lay the foundations for social security for the country," added Janvier Mongui Sossomba, during a meeting with the press and the associations of rural women present in Cameroon.

A constitutive general meeting has been scheduled for December 12 where an exact name of this new financial structure will be decided.

This project is an initiative of the Capef, a consultative and representative organ of the interests of organizations of agro-producers, fisheries, and forestry, in line with the contribution of such organizations and agro-pastoral actors, fisheries and forestry, to modernize the Cameroonian agriculture.