Cameroon Ministry of Finance’s “FinScope” survey to measure levels of access to and use of financial services in the country during 2017 indicates that only 10% of those under age 15 are unbanked.
The survey also reveals that formal credit is not widely used in the country (3%), and that there is a preference for informal credit (11%). In addition, about 10% of the population has access to credit from family and friends.
According to the same study, “consumer education and financial education are real problems in Cameroon, mainly in the field of insurance, where most adults do not have financial literacy”.
It also states that about 51% of adults reported that they needed financial education training, primarily to obtain information on how to save and on the benefits of financial products.
“FinScope” also notes that only 29% of under-15s are registered as Mobile Money users compared to 76% mobile penetration.
In summary, the level of financial inclusion is relatively low in Cameroon (about 25 million inhabitants), despite a strong presence of bank signs.
