Cameroonian businessman Emmanuel Wafo prepares its entry into financial services with the creation of SEA Finance S.A (Society of African Entrepreneurs), a new microfinance institution with an initial share capital of 2.0 billion FCFA.

Sea Finance is currently waiting for regulatory approvals required to start operations. The Society of African Entrepreneurs is based in Douala. She intends to position herself as a multi-purpose financial platform at the service of entrepreneurs, households and actors in the small economy.

Its statutes provide for a broad field of intervention such as classical financial intermediation, wallet issuance electronic, digital payment solutions, compensation and settlement of national and international financial transactions, as well as management of money transfers.

The new microfinance institution plans also specialized products, such as leasing, rental of safes, manual currency exchange, the acquisition of goods on behalf of the customers, the granting of credit and the collection of savings.

with SEA Finance, Emmanuel Wafo is banking on a sector with great potential, but in transition. The establishments of microfinance remain the main vector of financial inclusion in Cameroon, by reaching several million small savers and micro-entrepreneurs. However, the sector is in the process of recomposition, under the effect of the digitalization of services, competition from fintechs and the rise of financing needs of SMEs.