Cameroon Targets Modern Financial Hub by 2030 with Major Reforms

Cameroon is embarking on a significant transformation of its financial sector, aiming to create a modern financial hub by 2030. This ambitious goal is driven by the nation's National Financial Sector Development Strategy (SNDSF), launched by Finance Minister Louis Paul Motaze. The strategy outlines a series of major reforms designed to bolster the economy. Central to these reforms is the establishment of a mortgage refinancing fund and a guarantee fund management company. Additionally, efforts will focus on enhancing debt recovery processes and professionalizing financial services. The government's vision is to position Cameroon as a country with a financial center capable of supporting its economic structural transformation. With a projected investment of 102 billion FCFA, the roadmap is structured around six key axes. The ultimate objective is to significantly increase the financial sector's contribution to the Gross Domestic Product (GDP), raising it from the current 3% to an anticipated 7-10% by 2030. This expansion is expected to contribute 2.3 percentage points to economic growth, signaling a strong commitment to financial development and economic progress.