Crédit Mutuel placed under interim administration

Crédit Mutuel, a Cameroonian microfinance structure facing difficulties, was finally placed under temporary administration, we learned from reliable sources. This decision puts an end to the disagreements which appeared between the family members of the deceased and the financial partners of this microfinance establishment, since the death of its founder, Joseph Njeunou.

Indeed, for a month now, this financial institution, which had among its clients scores of traders operating in the Yaoundé markets, closed its banking halls due to “treasury tensions”, indicate sources inside the company.

The situation at Crédit Mutuel is a sad reminder of the fragility of microfinance institutions in Cameroon, a country which has about 500 structures of this type, according to statistics from the Ministry of Finance.

Just like Cofinest, Crédit du Golfe or Fiffa, who went bankrupt these past years, these structures often managed like common groceries sometimes end up closing after a few years of operation, leaving their clients in distress.