IMF/BEAC discuss financial inclusion for all in the CEMAC zone

The International Monetary Fund, IMF, and the Bank of Central African States, BEAC, has jointly organised a Conference in Brazzaville, Congo to promote financial inclusion all in the sub region.

Finance experts and officials at the Conference said poverty will greatly reduce in Cameroon and other countries if the Central African sub region if the population is given loans on low interest amongst others.

According to them people of low income earnings, small and medium size enterprises will have access to financial services such as loans, savings and money transfer.

Stakeholders and participants were all challenged to promote financial inclusion or finance for all in the sub region were the vast majority do not possess a bank account.

The conference stressed the need to develop mobile banking facilities that might be accessible to the numerous mobile telephone subscribers in the sub region.

The Vice President of the National Association of Micro Finance establishments in Cameroon, Daniel kalbasou says the conference held on grounds of giving loans on low interest rates and the creation of financial houses in rural areas will help promote the inclusion of finance for all.

Mario de Zamaroczy of the International Monetary Fund that organised the Brazzaville conference in association with BEAC, said the situation of exclusion of low income earners from financial benefits can be remedied.

According to him borrowing from financial houses in the central African sub region is complicated both to the borrower and the lender, thus banks need to have substantial guarantee while the borrowers have an easy access to borrow.

Martin Kingue Etame, a mobile service provider in Congo said mobile banking proposed during the conference has an edge over classical banking as more people will be accessed through mobile telephones.

The Governor of BEAC Lukas Abanya Nchamma said the promotion of the inclusion of finance for all will greatly reduce the level of poverty in the Central African Region.