No loans yet for small & medium size
businesses
Eleven months after the state-owned Small
and Medium-size Enterprises Bank (SME-Bank) opened its doors in Yaounde and
Douala, it is still a mystery how many loans it has accorded and to which
enterprises
By Ojong Steven Ayukogem in Yaounde
GM of SMEs Bank, Mrs.
Agnes NdoumbeMandeng
|
The Cameroonian Bank for Small and
Medium-size Enterprises SME-Bank known in French as the BanqueCamerounaise de
Petites etMoyennesEntreprisesBc-PME, that went operational since eleven months
ago that is on 20 July 2015, is still to communicate to the public the records
of its activities and transactions with its target users. This is in spite of a
clause in its statutes that compels it to publish regularly, monthly records of
its transactions with the public.
However,
an inside source at the bank has hinted The Median that of the hundreds of loan
applications that have so far submitted at the bank barely less than 10 have
been treated. But the source did not say for sure which company(s) had so far
benefitted any loans from the bank.
The
source explained to us that if the bank is unable to give out loans to small
and medium-size businesses it is because of its very weak capital base which is
made even paltrier by the huge amounts requested as loans by applicants.
Yet
another source told The Median that the bank has not yet gone fully
operational; that it is still in the process of getting itself well structured
and planted on the ground. Until this is done it cannot start granting loans.
It
is however difficult for us to say which of these versions is correct. And our
difficulty is not made easy by the adamance of the authorities of the bank who
have elected to maintain sealed lips whenever they are approached by prying
journalists seeking good information.
The
General Manager, Mrs. Agnes NdoumbeMandeng who was appointed from the
department of treasury, finance and monetary cooperation of the MINFI, has
granted only one interview to the press ever since she took office and this was
shortly before the bank officially opened its doors to the public on 20 July
2015. In that interview with Cameroon Tribune the senior treasury inspector
told the public that the SMEs bank has set up its head office in Yaounde and
has recruited qualified staff to kick-start serious business.
Agnes
Mandeng also promised to open the Douala branch of the bank in a forth night
and that operations would also proceed there immediately.
But
ever since then the supposed financier of small businesses has recoiled into
her luxurious office situated at Carrefour Nlongkak here. She has hardly made
any media outing or accepted to talk to journalists even on the sidelines of
economic forums that she regularly attends in Douala and Yaounde.
It
is understood that the bank took-off with an initial capital of FCFA 10 billion
provided by its sole proprietor, the state of Cameroon. With this money the GM
was able to hire and pay for both the head office and the Douala office, equip
these offices, recruit and pay workers and also keep the bank running until
now.
But
sources say after doing all of these the bank’s coffers are almost in red, as
no extra funding has come again from government.
This
explains why the bank cannot give out loans to any of the over 250 businesses
that have indicated their readiness to do transactions with it, it was
reported.
The
Median learned that though close to FCFA 3 billions are presently lying fallow
at the bank, this amount cannot finance even a quarter of the many loan requests
that have been tendered at its cash counters. The situation is because almost
all the loan requests are to the tune of hundreds of millions or over a billion
FCFA.
That
is why in recognition of these objective shortcomings the government is already
contemplating alternative ways of financing for the bank. Following a series of
meetings held at the PM’s Office, it emerged that at least FCFA 50 billion
would be pumped in if only to salvage the bank from an imminent still-birth, we
learned.
There
are also ongoing talks with the African Development Bank ADB to provide some
financing through the African Guarantee Fund. The financing from the ADB will
be principally for the agro-sector, we learned.
Worthy
to mention that since its creation by presidential decree several years ago and
following its effective take-off in July 2015, observers have continued
questioning whether the SME bank has come to stay this time around given that
similar projects in the past crashed.
It
should be noted that most state-owned banks have almost always been considered
as public milking cows that are open for who ever has a good container and can
position themselves well as to collect enough milk and vamoose.
The
collapse of Credit Agricole, FONADER, FOGAPE, NPMB and many others are still
fresh in the minds of Cameroonians.
This comment has been removed by the author.
ReplyDeleteThese two words can decide either you are eligible for home loans for residents or not?
ReplyDelete