Since its creation in 1992, Mutuelle Financière de Développement (Mufid), supervised by the Ministry of Finance (Minfi), has provided more than 350 billion CFA francs in loans to partners, of which almost 35% to agro-pastoral sectors. This is the most important information to emerge from the General Assembly of this network of microfinance institutions, which took place on October 29, 2022 in Yaoundé. During this work, attention was focused on the evaluation of Mufid’s activities, since its transition to a first-class microfinance institution, thanks to the adoption of the new legislative framework for CEMAC, is three years old (2019). This session also benefited from the participation of several members of the government, representatives of international financial institutions as well as partners.
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Much more, the assembly considered Mufiden’s lines of development. This year and the coming years, this network intends to consolidate its status as a “leader in agricultural finance and a key player in inclusive finance” in microfinance, small and medium enterprises (SMEs) and community development in Cameroon, we learned. A project that is quite well understood by the members, whose outstanding deposits amounted to 58.44 billion CFA francs per 31 December 2021.
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In addition to these goals, Mufid has defined a development strategy that has enabled it to create partnerships with international financial organizations. The most significant are those signed with the German Cooperative Confederation (Dgrv). It is a network of more than 20 million members who, through the support of agricultural financing, accompanies Mufid in its objective of providing a range of agricultural products and services adapted to its members in rural and peri-urban areas, especially within the area. financing of agricultural value chains. There are also partnerships with the German Society for International Cooperation (GIZ), the National Confederation of Cotton Producers of Cameroon (Cnpc-C) and the Ministry of Agriculture and Rural Development (Minader).
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Regarding their partnership, the Minader represented by Pauline Marie Mveng did not fail to specify the major constraints for rural areas, which are “the financing of agriculture. The Minader is pleased that one of Mufiden’s ambitions is to be a major player in including financing, making it one of the ways to get rural areas out of their tracks, it says.
As a reminder, the Mufid network is a structure that works to promote agricultural and rural financing. It has 94 agencies, 117 service points, 275,070 members, 35,246 groups or associations in the 10 regions of the country. Per As of December 31, 2021, its share capital stood at 6.61 billion CFA francs, with net assets of 11.47 billion, for an outstanding amount of mobilized deposits estimated at 59.20 billion.