The Caisse Nationale de Prévoyance Sociale (CNPS), Cameroon’s social security fund, recently authorized La Regionale d’Epargne et de Credit, a deposit-taking microfinance institution (MFI), to distribute benefits on its behalf. After conforming with know-your-customer (KYC) procedures, recipients will be able to access payments from branches of La Regionale. The MFI also is preparing to roll out a digital financial services system, through which it will offer various services including the receipt of CNPS payments. CNPS began allowing outgoing digital payments in April 2018.
La Regionale, which was founded in 1993, serves 70,000 individuals and small and medium-sized enterprises (SMEs). The MFI offers payment services; savings; and loans for business, housing and education. The MFI has 42 branches in Cameroon and Gabon as of 2019.
By the MicroCapital team
Sources and Additional Resources
Verdant Capital article
https://verdant-cap.com/la-regionale-s-a-engages-cnps-as-part-of-its-digital-transformation-plan/
La Regional homepage
https://laregionalesa.com
CNPS
https://www.cnps.cm
Business in Cameroon article
https://www.businessincameroon.com/telecom/0811-8549-cnps-to-pay-social-security-contributions-via-mobile-money
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