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MICROFINANCE : new firm opens its doors in Cameroon

Antoine Ndzengue, Neptune service stations, is investing in the financial sector with a capital of 5 billion FCFA.Antoine Ndzengue, Chief Executive Officer (CEO) of Neptune Filling Stations, is set to embarking on a new business in finance by setting up a Banking Agency for Commerce (ABC finances).

The announcement was made recently by the businessman while the project undergo the regulation stages.The new microfinance limited company will have its headquarters in the economic capital Douala where its board of directors will chair. For the moment, the creation of this establishment remains subject to the regulatory authorities.

According to the information received by our editorial staff, Michel Onomo, will assume the functions of General Director of ABC finances. Alexis Essomba Ewodo and Maiga Fatoumata Sidibe have been appointed administrators. As for Antoine Ndzengue, he will assume the post of CEO.

According to its constitutive act, ABC finances has as function, the collection of savings, the granting of credits and the provision of specific financial services complementary to the effort of savings and credit to the population and operators on the fringes of the traditional banking circuit, in particular, access to credit financing or co-financing investment.

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The new microfinance will also have for missions, the ownership and the exploitation of this type of business and the direct or indirect participation of the company in the creation of companies which may be related to the social object and contributions to merger, subscription or purchase of securities or social rights.

With a capital of 5 billion FCFA, the Banking Agency for Trade penetrates a diversified and dynamic sector dominated by pioneers such as Mupeci, Camccul, Mufid, Ceca, Cecic, Muffa, Renaprov, Financial house, or new structures such as Vision finances or Finadsee.

According to statistics, Cameroon has a total of 402 microfinance institutions constituted either in a network or independent, as of December 31, 2021. In the Littoral region where the Banking Agency for Trade will have its registered office, about sixty structures of this type are already operating, according to the list of approved microfinances published on June 2, 2022 by the Ministry of Finance.

Recall that this establishment is born, about 4 months after the announcement by Antoine Ndzengue CEO, Neptune service stations, on April 23, 2023, of the creation of the Cameroon Tyre Factory (CTF). A unit for the manufacture of tires, the evaluation of industrial processes, the design and realization of all processing industries, training in industrial processes, import-export, commercial representationand general trade.

Sorelle Ninguem

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