Cameroon’s Chamber of Agriculture is launching a microfinance project. This is good news for entrepreneurs of the agro-pastoral and fishery sectors. The chamber of agriculture, fishing, cattle, and of forests (CAPEF) has launched a fundraising operation in order to a microfinance company which will set a link on the field for agricultural bank.
According to the CAPEF “the microfinance venture resulting from the fundraising will serve as a field relay for the agricultural bank, which has an initial capital of 10 billion FCFA. The creation of this specialized bank was announced since 2011, but its implementation is being delayed due to numerous structural challenges such as the land legislation which still shows many limitations.”
Ovamba, financial platform involved in financing key sectors of agriculture, is aware of difficulties entrepreneurs face to obtain capital from financial institutions. So far, Ovamba has been able to fund businesses with large amounts of capital thanks to foreign investors. Ovamba also partners with local microfinances to make cash available fast.