“We’II Carryout Aggressive Campaigns”
By Godlove BAINKONG, Cameroon Tribune, 07-01-2014
Interview of Musa Shey Nfor, President of the Association of Micro-finance Institutions of Cameroon on what they will do to reinforce a ministerial instructions on the issuance of certificates of non-indebteness to deserving customers.
The Minister of Finance has come out with a release obliging micro-finance institutions to issue certificates of non-indebtedness to their clients seeking them in 30 years. Why are they reticent in giving out the document?
Let
me start by putting things in the right context of the communiqué or
release from the Minister of Finance. The Minister has actually
requested Micro Finance Institutions as well as other financial
institutions to facilitate the issuance of certificates of
non-indebtedness as opposed to obliging them as you put in your
question.
That said, may I go further to add that he is actually calling
on some MFI’s who have been reluctant to issue such certificates to
deserving members or clients to henceforth respect the freedom of
opening as well as closing accounts in MFI’s. As to why some MFI’s are
reticent in giving out the said document, we need to analyze on a case
by case basis as it is not a rule in the micro finance sector especially
as MFIs are categorized from category I to III. To the best of my
knowledge, most of the cases I have come across have to do with members
and/or clients who even though indebted in one way or the other to the
said MFIs have tried to play a fast one by obtaining such certificates
in order to transfer their accounts to other institutions thereby
refusing to meet up with their financial obligations. However, there
have equally been cases where overzealous MFIs have prevented deserving
account holders from obtaining the certificates or attestations.
What does the law say when it comes to issuing the document?
In the
context of the categorization I mentioned above, we need to understand
here that Category I MFIs which are financial cooperatives are
essentially governed by the OHADA Uniform Act on Cooperative Societies,
COBAC Regulations on the Exercise of Micro Finance Activities in the
CEMAC Region, as well as other derived instruments. As to what concerns
category II and III which are to a large extent regulated by the OHADA
Uniform Act on Commercial Companies in addition to the COBAC exigencies,
the situation is a little more different especially as they deal with
clients instead of members. In either case, the bylaws, internal rules
and regulations clearly define the conditions for membership and/or
customer ship to the extent that the issuing of attestation of
non-indebtedness should not pose a problem once people meet up with the
laid down conditions. Again, I must join the Minister of Finance in
condemning anybody who decides to violate such laid down freedom. May I
go further to add that there are many established cases of many
fraudulent mobile members and/or clients who trade in account opening
and closing.
What are you going to do to ensure the respect of this ministerial order?
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