IFC, a member of the World Bank Group, today announced an aisory services agreement with Aans Cameroun to accelerate financial inclusion in Cameroon by expanding the range and reach of services available to underserved urban and rural populations.
The project is part of the Partnership for Financial Inclusion, a joint
$37.4 million initiative by IFC and The MasterCard Foundation that aims to scale up commercial microfinance and develop mobile financial services to increase financial inclusion in Sub-Saharan Africa.
IFC will provide aisory services worth $ 1.18 million to Aans Cameroun over the next four years to design, pilot and roll out a branchless banking model that will involve mini branches, mobile collectors and agents.
Access to credit is a major obstacle to the reduction of rural poverty in Cameroon. Exclusion from financial services is particularly acute in the agricultural sector, which employs 60 percent of the country’s population.
This is mainly due to the high cost of establishing branches in sparsely populated areas for formal financial instituions.
Steven Duchatelle, Head of Operations for Aans Group, said, “After successfully building a g presence in urban centers, Aans Cameroun’s objective is to develop its outreach in rural areas. This project will allow us to provide easy and convenient access to financial services and solutions for small-scale entrepreneurs, smallholder farmers and generally the low-income population.”
Greta Bull, IFC Manager for the Financial Institutions Group Aisory Services, Sub-Saharan Africa, said, “The agreement between IFC and Aans Cameroun highlights the need to develop innovative financial products and delivery channels for people in rural areas. The tools developed will have the potential to reach over 60,000 new customers, and will have a significant impact on their ability to access secure and affordable financial services.”
SOURCE International Finance Corporation (IFC)
Source : PR Newswire