UNDP provides financial support to three Micro Finance Institutions to boost Financial inclusion in Cameroon
The United Nations Development Programme (UNDP), has awarded the sum of over 200 million CFA (400.000 USD) to three Micro Finance Institutions (MFI).
The United Nations Development Programme ( (UNDP), has awarded the sum of over 200 million CFA(400.000 USD) to three Micro Finance Institutions (MFI) to scale up their capacity to provide financial products and services adapted to the needs of young people, women and rural populations in the project intervention areas of Far North, North, Adamawa and East regions of Cameroon. This initiative will also improve the quality and availability of appropriate financial services and performance of MFIs.
To this effect, the official ceremony to sign the Memorandum of Understanding (MOU) between UNDP and the MFIs took take place on 18 September, 2019 in Yaounde. The ceremony was led by the Resident Representative of UNDP Cameroon, Jean-Luc Stalon and attended by the Director General of Treasury-Moh Sylvester, representing the Minister of Finance.
While hailing UNDP for the laudable initiative, Mr. Moh Sylvester expressed the desire to see this initiative extended to all the regions of Cameroon for an “efficient and inclusive development”
According to the Resident Representative of UNDP Cameroon, “the final objective of this Support Project for Economic Resilience is to see young people, women and populations at-risk have increased and equitable access to employment opportunities and are more economically resilient by end of 2020”.
The financial allocation which is fully funded by UNDP Core funds will run for two years and will involve the following MFIs: Crédit du Sahel based in Maroua, Microfinance de Développement based in Garoua and Savana Islamic Finance located in Ngaoundéré.
UNDP’s approach in supporting Cameroon through entrepreneurship and local economic insertion is a contribution to the wider effort of the Government of Cameroon and the UN agencies to promote the creation of inclusive jobs and resilience of the vulnerable to economic, social and environment shocks.