Effervescence in Financial Sector: Enticing Business Opportunities Galore

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Effervescence in Financial Sector: Enticing Business Opportunities Galore

16 août 2022 06:30

The dynamism witnessed in the financial sector in the past few years is telling of the attractive business opportunities in the country.

T he financial sector in Cameroon is in total effervescence in the past few years. The dynamism experienced in the sector within the last decade is glaring as new actors are entering the financial market (stock exchange, banking, insurance and micro financial institutions etc). The Insurance market for example moved from FCFA 182.20 billion in 2015 to 228.9 billion in 2021. In the same light, the banking sector has also witnessed an expansion in different dimensions. The latest of such is the Nigerian Access Bank that obtained its authorization to operate in Cameroon in February 2022 as the 17th bank. The dynamism in the financial sector, experts say, is owing to several factors including the attractiveness of Cameroon’s economy. It is no news that Cameroon has the biggest, resilient, and dynamic economy in the CEMAC sub-region. Though the effects of COVID-19 and now Russia-Ukriane war have disrupted growth, the country with its diversified economy has been able to surmount growth challenges. GDP stands at 45.24 billion USD as at 2021. The stable economy has be...