The assessment of the impact of risk management in reducimg the risks of financial institutions in Cameroon

2.3.3 DEVELOPMENT BANKS

In Cameroon, the African development bank (ADB) is in charge of development and reconstruction plans. But since the Cameroonian member state of the World Bank, the international bank for reconstruction and development (IBRD) can also play that role (Microsoft Encarta, 2006)

2.3.4 SAVINGS AND LOANS ASSOCIATIONS AND CREDIT UNIONS

Savings and loans associations and credit union are know in Cameroon as microfinance institutions, in 2001 the Cameroon has registered 652 microfinance institutions, but only 601 were actually existing in 2003( COBAC surveillance, 2003). Furthermore the microfinance sector was actually touching more than 300 000 clients i.e. 7% of the potential market. The mobilised savings were 35.9billions of FCFA, and 25.4 billions CFA of credit were granted by those institutions.

The principal micro financial institutions in Cameroon are:

- CAMCUL ( Cameroon cooperative credit union league)

- MC² (Mutuelle Communautaires de Croissance)

- CVECA (Caisses Villageoises d'Epargne et de Crédit).

- CAPCOL. They were having on their account more than 62% of the collected savings in Cameroon by the microfinance institutions and 64% of client (BIM n°- 09 Mai 2006).

2.3.5 STOCK EXCHANGE COMPANIES

In the Cameroonian financial sector, it is the Douala stock exchange which plays the role of stock exchange in Cameroon since 2002(COBAC surveillance, 2003). It focuses transferring shares of companies from buyers and sellers. And these transactions occur in a legal framework.

2.3.6 INSURANCE COMPANIES

Insurance companies in Cameroon account for the most important activity in the CEMAC zone. They specialise in issuing insurance policies to the public and government:

- satellite insurance company

- Chanas Assurance

- Société Camerounaise d'Assurance et de Réassurance (SOCAR)

- GML (Groupement Mutuelle des Cadres)

- CAMINSUR (Cameroon Insu rance Company)

Are the most important ones since they capitalise 63% of the policy issue in Cameroon (Economia, 24). The insurance activity is regulated by the CIMA code which is the constitution of insurance activity in central Africa.