A tool for securing financial transactions

The NEFC’s IT platform is one of the best ways to track and control fraudulent operations carried out by corrupt agents in the national financial system.

Issuers of bounce cheques, bad debtors, bad payers throughout the financial system are no longer immune. With the computer platform of the Cameroon National Economic and Financial Committee, the financial system will no longer suffer from the presence of insolvent operators who skim the books of many banks and microfinance institutions.

“Credit card theft, bounce cheques, purchases via cards and cheques, in short, all operations are networked in order to have reliable information. It is a question for the platform to check the regularity of the means of payment, to pool and centralize the information for the security of credit institutions, microfinance institutions and users”, so they explain at the NEFC.

Beyond traditional banking transactions, which are now subject to increased security, there is the granting of nano credit by mobile telephone operators. “All these operations are supported by the platform. Because if a user borrows 10,000 CFA francs from a telephone operator and does not reimburse, the platform will be informed and all the consequences that apply to unscrupulous debtors will be applied to that user. So no one is safe, “we are reassured.

Credit and microfinance institutions also have, thanks to this platform, an operations dashboard. For example, for MFIs, all information on their administrative and social balance sheet, is communicated in the platform. This aggregates the information received from all microfinance institutions, then calculates and makes available to them statistics and indicators on their individual financial, operational and social performance, as well as for their entire sector. This allows them to know their position in their sector, as well as their strengths and weaknesses.

Originally, the IT platform consisted of three components: Central Payment Incident Centre (CIP), the national business banking file (FIBANE) and the Framework for the Analysis and Monitoring of Microfinance Institutions (CASEMF). All this helped to strengthen the security of financial operations and the dynamism of the sector.

This has been reinforced with other components such as the Central Risk Bureau for Microfinance Institutions (CREMF), the National Directory of Movable Securities (RSNM) and the application for calculating and archiving the overall effective rate and the rate of wear. The aim of these six components was to restore and boost mutual trust between credit institutions, microfinance institutions and their customers, an essential element for solid financial development, between national institutions, economic operators and the public.