(Business in Cameroon) – New African Financial Company (NOFIA S.A.), a second-category microfinance institution based in Douala, has been placed under provisional administration for six months. The measure was issued by the Central African Banking Commission (Cobac) through decision D-2025/134 dated June 25, 2025, and made public in an official statement.
Created in 2009 by ministerial order No. 03212/MINFI of October 15, 2009, NOFIA’s operations will now be supervised to prevent further deterioration of its financial situation.
According to Cobac, Bogni Ngueya has been appointed provisional administrator of NOFIA. His mandate is “to ensure the continuity of the institution’s essential activities while taking the necessary measures to quickly restore normal operating conditions,” the statement said.
This appointment falls under the safeguard measures provided for by regional regulations. Provisional administration is triggered when a microfinance institution faces challenges that could threaten its stability or the protection of client deposits.
NOFIA once had strong development ambitions. Driven by its founder, David Manfouo, the institution sought to become a key player in Cameroon’s microfinance sector. Before the Cobac decision, it operated more than fifteen branches across the country.
In September 2017, the microfinance institution signed a partnership with the Cameroon Women Business Leaders Association (CWBLA) to “facilitate access to credit for women entrepreneurs and address barriers faced by project leaders.”
The Cobac’s decision comes amid increased vigilance over the financial soundness of the microfinance sector within the Cemac zone. In recent years, several institutions have been placed under provisional administration or liquidated as the Central Bank and Cobac work to protect savers’ confidence and strengthen the resilience of the regional financial system.
