Friday, February fourteenth, the UN says at least 22 people have been killed in a village in the Northwest region of Cameroon. Over half of those killed were children. No one has claimed responsibility for Friday’s incident but the opposition parties blame the killing on the government.
SME, SMI in Cameroon receive CFA50bn in loans
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Cameroon’s International Savings and Credit Bank (BICEC), the local subsidiary of French group Banque Populaire, has so far pumped CFA50 billion in Small and Medium Enterprises (SMEs) and Small and Medium Industries (SMIs), the bank’s officials said on Friday.
This mainly comes from factoring, a financing mechanism consisting of transferring the debt of a company to a bank or another factoring institution.
This
technique allows the company to immediately access cash to be able to meet
its expenses, accelerate its development by attracting new customers and new
markets.
Factoring
allows for funding three times higher than what would be obtained through more
conventional mechanisms such as overdraft.
The
Cameroonian parliament first passed the law regulating factoring in 2014, with
the government particularly emphasizing that this process will diversify the
country’s business financing mechanisms.
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The Sûreté du Québec announced Wednesday the arrest of an alleged fraudster specialist of a scenario called "Black money scam", in which victims are invited to participate in the cleaning of soiled banknotes, then are robbed during the operation. Cyrille Ngogang, 49 years old, was caught red-handed in downtown Montreal Tuesday afternoon. He appeared in court this morning to be charged with fraud and breach of commitment. The man is not in his first trouble with the law: he was previously arrested by the SQ on 19 January for charges related to the same scheme, and had been able to resume its freedom under strict conditions pending his trial. There are several variants of the 'Black money' scenario, but all involve a so-called batch of cash that has been stained with a dye or colouring substance. Scammers ask their victim to provide money to clean the hoard.
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