Economic Growth: Heading Towards Inclusive Finance

The Minister of Finance Louis Paul Motaze, has chaired a workshop today November 10, 2020, to update the National Strategy For Inclusive finance. The opening of this working session brought together several ministers at the Hilton Hotel in Yaounde.

For two days of experts will engage on intensive reflection, members of government with its development partner, the United Nations Development Program (UNDP), will address the issue of inclusive finance.

In the opinion of experts, this is a fundamental aspect for state governments, particularly those in developing countries of which Cameroon is amongst. This constitute an important element for economic growth.

According to the Finance Minister Louis Paul Motaze, a firm financial inclusion will enable poor and vulnerable population to save, provide for their families and protect themselves against the risk of everyday life.

Minister of Finance

It is an ideal that enables, amongst other things, the ability to finance their activities and projects in order to substantially increase their income and actively participate in improving their living conditions.

Stakeholders say, a survey was conducted in 2017 by the National Institute of Statistics to determine the depth of financial inclusion, especially amongst young people aged at least 15 years.

Concretely speaking, it was a question of verifying the level of access and use of financial services as well as identifying the constraints which obstruct service providers from reaching those who are financially vulnerable through different categories of population income and are unable to have a bank account.

From this study carried out by the NIS, only 20% of the adult population use digital financial services, yet the mobile penetration rate in Cameroon stands at 77%.

Following the information made available by the National Institute of Statistics, understand that financial exclusion concerns mostly the rural areas, the most affected of which are the Far North, Adamaoua and the East Regions which respectively account for 75, 73 and 56% of the population “excluded financially”.

In addition, the survey initiated by the National Institute of Statistics shows that a little more than 51% of people over 15 do not have access or do not use formal financial products, amongst which are 56% of women and 52% of young persons between the ages of 14 and 34.

In view of these challenging figures, the November 10-11 workshop aims, overall, to advance financial inclusion in Cameroon qualitatively and quantitatively with the support of validating a drafting schedule for the 2021-2025 inclusive finance strategy document. This measure will thus be added to the strategy document for growth and jobs designed from the same perspective.

@Joyce Abigail

Elvis Teke

Journalist, Online Reporter, News Presenter, Programme Anchor, Peace Advocate, Geo-strategist,

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