Gov’t strengthens agricultural financing through microfinance partnership.

The partnership was inked recently in Yaounde by the Minister of Agriculture and Rural Development, Gabriel Mbaïrobe, and the Board Chair of MUFID Union, Ally Ibrahim. 

It aims to increase access to agricultural credit, facilitate financial services, modernise farming operations, and promote financial literacy among farmers, with a particular focus on women and young people.

At the signing ceremony, Minister Mbaïrobe highlighted the significance of the agreement, stating that the agricultural sector continues to face challenges, particularly in accessing adequate financing.

“With this convention, MINADER is committed to supporting MUFID in rural areas, especially in mobilising financial resources,” he said.

He also praised the union for its efforts in promoting banking services and safeguarding rural wealth. The minister emphasised government’s strategy focuses on improving access to agricultural and agropastoral financing.

“This approach, aligned with the vision of President Paul Biya, prioritises the enhancement of agricultural and agro-food value chains and the development of innovative financial services tailored to sector actors. The objective is to increase production and productivity, create wealth, and promote the structural transformation of the national economy,” minister Mbaïrobe explained.

He added that: “Young people and women, who drive this sector, are particularly targeted to energise the rural workforce. This policy also seeks to address the financing gap faced by public and private investors”.

The Director General of MUFID Union, Dr Justin Bomba, said the agreement reflects the government’s determination to assist the union in fulfilling its public service mission of creating wealth across rural communities. 

He said the initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, with the theme: “Cooperatives Build a Better World.”

MUFID Board Chair, Ally Ibrahim described the convention as the culmination of a process that began several years ago.

“We are fully satisfied with this partnership. We thank the government of Cameroon and the Minister of Agriculture for dedicating their time to sign this agreement with us,” he said.

He recalled that MUFID Union transitioned from an association to a cooperative in 2019, with the ambition of becoming a leader in agricultural and rural financing.

“With the signing of this convention, we take a decisive step towards realising this goal. Today, we operate 97 MUFID outlets with 121 service points across the ten regions of Cameroon, holding a total balance sheet of over FCFA 102 billion,” he concluded.

This article was first published in The Guardian Post Edition No:3562 of Friday September 12, 2025