Presentation of MIGEC SA
Faced with a policy of financial repression whose main manifestations were: excessive monetary interventionism, the predominance of state-owned banks and weak prudential regulation; Cameroon's banking sector will experience an unprecedented crisis in the mid-1980s. This crisis, which will lead to the collapse of many banks, will make reform of the banking sector essential by strengthening the regulatory system.
Faced with the limitations of the classic banking system, which is mainly geared toward the wealthiest, microfinance will become a better alternative to the traditional banking system that formerly excluded the less well-off; the Cameroonian population is essentially poor.
In this movement, the MIGEC S.A like many other EMF, will see the day in May 1996, and will position itself as a key link in the Cameroonian financial system.
Originally EMF of the first category, the Investment Mission for Savings and Credit Management (MIGEC SA) formerly known as Mutual Initiation for the Management of Savings and Credit (MIGEC-CAM), is now EMF of the second category, an anonymous microfinance company under Cameroon law, with a capital of FCFA 750 000 000, wholly owned by the nationals.
With its predominantly entrepreneurial vision, MIGEC's primary goal is to support all entrepreneurs (small and large) with tailor-made financing solutions adapted to their activities.
As one of the undisputed leaders of the microfinance industry in Cameroon, and enjoying the confidence of more than 26,000 micro-entrepreneurs, MIGEC has been able to withstand all the storms of the financial sector in Cameroon, thanks in particular to the quality of its products and services; the dynamism and competence of its staff, its strategic positioning in the national triangle, and above all the profitability and financial stability it enjoys in a sufficiently turbulent sector.
Driven by a sufficiently controlled and cautious expansion policy, MIGEC currently has 10 agencies spread over three regions, including six agencies in Douala, two agencies in Yaoundé and two agencies in the Western Region, including one in Bafoussam and another in Baham; the head office being in Douala.
Conscious of its weak expansion in the territory, considering its strategic objective of financial inclusion by the access of its services to the most remote populations living essentially of the agriculture and the breeding, seen the great national coverage by the network of mobile phone companies giving access to the Internet, and given the opportunity to optimize the installation costs of agencies by digitalization solutions, MIGEC is the first microfinance institution to implement a major digitalization solution thanks to which it touches all its target clientele regardless of its location in the locality.