Customers saving with the microfinance company “Caisse d’épargne et d’investissement” CADECI have been at their wits’ end since December 2016. Indeed, they have noted that the microfinance establishment (EMF) has closed several branches throughout the country. Consequently, some have decided to protest in Yaoundé to demand their money back. “Dear clients, we kindly request your presence at a meeting on Monday 16 January, from 6 A.M., at Carrefour Intendance in Yaoundé to protest against the closure of said microfinance to find a solution regarding our funds in this microfinance”, one can read on a poster put up at the entrance of the Biyem Assi neighbourhood branch, in Yaoundé. But the demonstration did not occur due to a low attendance.
After being contacted, the management of CADECI issued a communiqué which mentions that, “to reorganise its organisation chart as well meet some legal obligations and set up a policy to be competitive, the Senior Management of CADECI advises its clients and the general public that operations in the different branches will be temporarily suspended pending the end of the works”. Even though the EMF stays silent on when its activities would resume, it would be hasty to declare that it is bankrupt. Moreover, it is still in the list of 412 microfinance companies approved in Cameroon.
CADECI obtained its approval in 2006 from the Ministry of Finance. It has been in operation for eight years now without trouble until this past December.