At World Savings Day: MINFI says saving money crucial for sustainable dev’t.

This was during an event to mark the first edition of World Savings Day in Cameroon.

For an event that was created in 1924; that is 101 years ago, the Minister said countless events around the world at the moment necessitate the reinvention of the day. 

The first edition in Cameroon, he said, aims among other things, to take stock of the savings situation in the country so as to lay a more solid foundation for the growth of the savings culture.

Yaouba Abdoulaye on behalf of Minister Motaze, said government is now set to encourage financial education of Cameroonians, particularly as it concerns regular savings and investing in worthwhile ventures. 

Through panel discussions, he assured participants that they would be able to gain knowledge on the basic principles of savings; the importance of savings; and its formal channels. 

Knowledge which participants are expected to carry to the field and share with fellow Cameroonians.

In addition, the event was also an opportunity for attendees to be educated on how savings promote economic stability, especially as money plays the role of preventing personal, and collective financial crisis.

The celebration also provided opportunity for participants, to raise their awareness on sustainable development issues, which could easily be handled and resolved, through responsible and ethical savings and profitable investments.

The minister also harped on the need for Cameroonians to be informed on the importance of promoting financial inclusion, by opening and encouraging access to banking services, and other savings products for the most vulnerable segments of the population.

Henceforth, the Minister said the World Savings Day would be used to build trust in financial institutions by reiterating the role of financial actors in protecting funds put as savings in these institutions.

Activities covering three days

The Secretary General in the Ministry of Finance, Gilbert Didier Edoa, who acted as President of the Organising Committee, told journalists that the event spanned over a period of three days. He said the activities ran from 29 to 31 October. 

During the period, savings education and awareness campaign took place on 29 October in the campus of the University of Yaounde II, Soa. During the campaign, participants were drilled on the theme: “Savings, a lever of financial inclusion for operational communication”.

On the second day, awareness campaigns were held in the 10 regions. The celebration culminated in a Solemn Conference hosting panel discussions on Friday October 31, in Yaounde.

The first panel discussion, on savings as an essential vector for financing economic development, educated participants on the role savings play in financing small and medium sized enterprises projects.

The main obstacles to increasing national savings; appropriate mechanisms for mobilizing savings; how savings are a lever for financing development projects and how to improve the capture of national savings, were also discussed.

The second panel discussion focused on digital financial services and other alternative savings mobilization mechanisms. 

Speakers dwelled on how the population can capitalise on digital transformation through fintechs and payment services providers to improve savings mobilization and meet inclusive financing needs. 

Other topics discussed included how innovative financial instruments could better be used to mobilise savings and finance investment projects, how Islamic finance can contribute to the diversification of savings and strengthen medium- and long-term financing and how investments give better returns on savings and protect the decline of the purchasing power of investors.

The last panel discussion centered on the impact of financial education on savings behaviour. 

Experts sought to uncover the extent to which financial education influences savings and investment decisions; whether there are any initiatives capable of addressing shortcomings that emanate from investing and saving money when you lack financial education.

This story was first published in The Guardian Post Edition No:3614 of Monday November 03, 2025