The management of a micro finance institution is the responsibility of managers. Managers of micro finance institutions have to be approved by the monetary authority after a favourable opinion from the Banking Commission. Every manager shall submit an application alongside supporting documents for approval by the monetary authority.
According to Article 30 of Reg No/01/02/CEMAC/UMAC/COBAC of 13th April 2002, the management of a micro finance institution in Cameroon is organized as follows;
- Where the balance sheet of the micro finance institution does not exceed 250 million francs, the institution will be managed by one approved manager/director. The manager/director will be designated by the competent organ. The activity of the manager/director can be exercised on an ancillary basis.
- Where the balance sheet of the micro finance institution does not exceed 500 million francs, the institution will be managed by 2 approved managers/directors and at least 1 has to be a holder of a diploma at least or equal to a second degree baccalaureate alongside a professional experience of 5 years in the banking sector. The activity of the manager is permanently exercised by at least one of these two managers.
- Where the balance sheet of the micro finance institution exceeds 500 million francs, the institution is managed by 2 approved directors and the exercise of their activity as director is exclusive. The director in this case has to be holder of at least a Bachelors Degree in Economics, Law, Banking, Finance, Management or any other diploma recognized at the moment of submission of the file/application and with solid justified references and professional experience of 5 years in the office of high level management.
In the absence of a higher education diploma, a professional experience of 10years in high level management is sufficient.