As part of its National Strategy for the Development of the Financial Sector, Cameroon is preparing a series of major reforms by 2030. On the agenda: creation of a mortgage refinancing fund, a guarantee fund management company, strengthening debt recovery, and professionalizing finance professions.
The Cameroonian government wants to give new momentum to its financial system. Launched by Finance Minister Louis Paul Motaze last May, the National Strategy for the Development of the Financial Sector (SNDSF) aims to make Cameroon, by 2030, a country with “a financial center capable of supporting the structural transformation of its economy.”
With a provisional budget of 102 billion FCFA, the roadmap is structured around 6 axes. The ambition is clear: to increase the financial sector’s contribution to GDP from the current 3% to 7-10% by 2030 and to gain an average annual growth of 2.3 points over the period, i.e., 105 billion FCFA in additional revenue per year.
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New tools to finance the economy
Among the priority projects is the creation of a mortgage refinancing fund. The goal is to address the housing deficit estimated at 2.5 million units and to unlock long-term financing, a weak link in the market.
The government also plans to establish a guarantee fund management company to facilitate SME access to credit. This measure goes hand in hand with the restructuring of the SME Bank and the creation of a refinancing fund for Microfinance Institutions (MFIs).
Clean up and professionalize
Another key aspect: strengthening debt recovery and combating the high rate of non-performing loans, which reached 13.4% in banks in 2022. A credit information bureau, BIC, is also planned to secure loans.
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To strengthen the ecosystem, Yaoundé is focusing on training in finance professions and encouraging the transformation of MFIs into commercial banks. The goal: to increase from 16 to 30 banks by 2030.
By increasing banking penetration and completing financial intermediation, Cameroon hopes to attract investors and the diaspora. A fundamental reform to make the financial system more inclusive, stronger, and truly at the service of development.
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