Gov’t unveils initiative to boost financial literacy, inclusion.

It was the Minister of Small and Medium-Sized Enterprises, Social Economy and Handicrafts, Achilles Bassiliken III, who presided over the launching ceremony.

The event was attended by the Secretary General of CNEF, Pierre Emmanuel Nkoa Ayissi. 

The tool produced by CNEF focuses on three banking components. The components include bank’s information disclosure obligations regarding tariffs, savings accounts and the pricing of payment incidents.

According to CNEF, the tool which contains both information and training materials, is designed to not only strengthen efforts in enhancing financial literacy among Cameroonians but enables users of financial services to better understand banking service regulations and the obligations of banking institutions toward them.

It equally aims to encourage Cameroonians to adopt right banking habits to better protect themselves against practices that may be harmful to their interest in the financial sector. 

The production falls in line with CNEF’s obligations of promoting financial literacy in Cameroon as notably agreed upon during the committee’s July 2023 meeting where the structure took the commitment to address the observed lack of understanding regarding banking products and services, in accordance with its mandate.

Speaking to reporters shortly after launching the tool, Minister Bassiliken III said the launch of the educational factsheet falls in line with government’s orientation on the implementation of the national financial education strategy.

He said the tool will strongly enhance financial inclusion and improve the level of transparency in the financial sector where there is urgent need to among others demystify formal financial services and strengthen the trust between users and providers of financial services.

“The components are all very decisive. The general conditions applicable to is for instance crucial because many members of the general public do not always know exactly what conditions apply to credit. From this perspective, the ambition is to achieve better transparency regarding all these conditions so that consumers, everyone who uses financial products, whether from banks or microfinance institutions, know exactly what to expect,” the minister said.

“At the same time, the banker, as an actor, can also know exactly what their obligations are. I believe all of this will strengthen financial inclusion in our country, bring more transparency to credit practices, and, above all, reassure the greatest number of people,” the member of government added.

Speaking further, Minister Bassiliken III said the tool is particularly crucial considering the loopholes that have been discovered in the domain especially in regards to financial literacy.

He amongst others referenced recent annual surveys conducted by CNEF that have notably indicated that 60.5% of users of financial services in the country open savings accounts without being informed of the methods of calculating the interest that banks must pay them.

The minister equally cited similar surveys that have revealed that 84.4% of Cameroonians are primarily influenced by oral information provided by bank employees when taking banking decisions while a great chunk of others follow advice from friends and family members working in financial institutions and their personal experiences.

Minister Bassiliken III said the educational factsheets come in timely to coverup the loopholes as the government seeks to ensure that Cameroonians are equipped with the knowledge that is required to make appropriate financial decision while financial institutions on their paths, fully follow transparent operational standards. 

Enter CNEF SG

Speaking earlier during the event, the Secretary General of CNEF, Pierre Emmanuel Nkoa Ayissi said by producing the educational factsheets, the committee aims to cover decisive grounds in its mission of providing economic and financial education to Cameroonians.

He said the structure hopes that by making information available through the educational factsheets, it will succeed in stimulating the economic and financial culture of Cameroonians.

This, thereby empowering citizens with what is required to better understand the operation of financial services, enabling citizens know the obligations of stakeholders, and have full knowledge of their rights.

The Secretary General said the launch of the educational factsheets adds to the multiple steps that the committee and the government through bodies like the Ministry of Finance have previously taken in a bid to attain financial literacy.

The scribe notably referenced the BankCompar digital platform that the committee introduced in June last year which provides users with the opportunity to consult and make informed decisions on which banks to do business with. 

This article article was first published in The Guardian Post Edition No:3734 of Tuesday March 17, 2026