Microfinance portfolio - 3 PAGES/858 WORDS THE PLACE OF...

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3 PAGES/858 WORDS THE PLACE OF MICROFINANCE IN MY POLICIES AS THE MINISTER OF FINANCE OF THE REPUBLIC OF CAMEROON As the Minister of Finance of the Cameroon Republic , I outline the fact that Microfinance will have a great role to play in my policies, mostly oriented to the 2035 emergence goals that Cameroon have have been implemented. Indeed, the concept of microfinance is not new in Cameroon. There has always been the tradition of people saving and/or taking small loans from individuals and groups within the context of self-help to start businesses or farming ventures. It is no news that over the years, the microfinance sector has thrived and evolved into its current state thanks to various financial sector policies and programmes undertaken by different governments since independence. My government, in cooperation with external development partners, will therefore play a fundamental role in consolidating and sustaining the microfinance sector by providing appropriate policies and regulatory and legal frameworks. They will also protect the poor, who we should forget are the main beneficiaries of these services, and build confidence by establishing refinancing institutions and deposit insurance schemes. By the end of 2007 more than 150 million clients worldwide had used the services of microcredit institutions. More than 100 million of them were among the poorest in their societies. Despite microfinance's global reach, the overwhelming majority of its clients
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