National Credit Committee to improve financial transparency

The Cameroonian Minister of Finance, Alamine Ousmane Mey, chaired on June 23, 2016, in Yaoundé, as President of the National Credit Committee, the official launching ceremony of an integrated platform for the collection, analysis, synthesis and dissemination of data on the operations of banks, microfinance establishments and activities of companies in the financial market.

“This platform will help substancially improve financial transparency in Cameroon and risk-taking in the financing of companies and clients. This is also a tool to monitor and assess this sector, to enable it operate in the most rational way” Alamine Ousmane Mey claimed. The initiative is also commended by bankers.

With this platform, affirms Alphonse Nafack, President of the Cameroonian Bankers Association, “we will be able to reduce credit risk, through the visibility on clients this tool will provide”.

However, banks and microfinance establishments in Cameroon will have to fully cooperate, by regularly transmitting and within the statutory deadlines, the information to be fed into this platform.

The Ministry of Finance elegantly indicates that the establishments who will fail in their obligations to this platform will be severely sanctioned.