Business

The Bank of Central African States (BEAC) has asked local banks to take steps to guard against hackers attack, Recommending banks to pool their computer resources to better prevent attacks from hackers.

According to banking sources the alert of the central banks has been for some time now as they have been faced with vast cybercrime attacks of more than 300,000 infected computers in about 150 countries. The losses due to cybercrime in Cameroon are estimated at 25 billion FCFA. According to the National Agency for Information and Communication Technologies (ANTIC), Cameroonian banks lost 3 billion CFA francs, due to cybercrime.

According to experts, cyber criminals exploit the flaw in the Windows XP system to infiltrate and steal private data from computers. The banks must then follow a certain number of guidelines, to avoid certain websites and always turn off their computers after use. Despite these precautions, banks are still on alert, even if they say they are prepared for possible attacks.

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Ndi Modeste

25.May.2017

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Cameroon has borrowed about FCFA 43.58 billion from the Islamic Development Bank.

It was on Wednesday in Saudi Arabia where the Minister of the Economy, Planning and Regional Development signed the loan agreements.

The money is to be used for two separate projects. The first agreement entails about FCFA `18. 16 billions meant for the Chari-Logone rural development project.

The second amount (about FCFA25. 45billion) is to be used to improve the commercialization of cattle and the development of infrastructure for livestock breeding in Cameroon.

The loan agreements were signed during the 42^nd meeting of the council of governors of the Islamic Development Bank in Djeddah, Saudi Arabia.

Louis Paul Motaze signed for Cameroon.

Cameroon is Africa in miniature yet very “poor” and heavily indebted. Its emergence ambition is set for 2035.

Endowed with as much natural resources as God could offer to a people, Cameroon is part of the Heavily Indebted Poor Countries Initiative (a group of 37 developing countries with high levels of poverty and debt overhang which are eligible for special assistance from the International Monetary Fund and the World Bank).

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Rita Akana

18.May.2017

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The first ever international forum on digital economy has just ended in La Republique Du Cameroun under the patronage of the country’s absentee president Paul Biya. The event which took place in the nation’s capital Yaoundé  from the 15th to the 17th of May, brought together local and international experts and  entrepreneurs in the domain of information and communication technologies( ICTs), who all exposed their know how and innovations to the general public.  The three days event placed under  the theme; How to achieve successful digital economy, also had rich workshops, B2B meetings, brainstorming sessions, visitation of stands amongst many other activities.

Digital economy implies the use of  ICTs tools including  the internet to develop meaningful sectors such as agriculture, mining, oil and gas, start-up businesses, services of high economic values especially in finance, insurance, industrialization, just to name a few.
Experts have made known to Cameroon that if these sectors are digitalized, the economy will leapfrog and hence, great economic boom. For instance, there is going to be a relative fall in the level of unemployment, heavy dependent on public service reduced, businesses will flourish and Cameroon ‘s dying need for emergence by 2035 can be hoped.
But the huge money pumped in to organize this forum, might turn to be a waste because from past experience, Mr. Biya’s government has always fail to implement recommendations from such high level meetings. The government is characterised by inertia, a lot of  administrative bottle necks, no follow up spirit.

Most young entrepreneurs complain of high taxes, lack of access to credit from banks. The country still operates with an archaic land law which does not give land ownership to persons born after 1974. Thus frustrating young people who want to engage in agriculture. More to that, the legal framework for business is still lacking in many aspects, no clear cut policy to encourage the private sector. Statistics have revealed that only two percent of start-ups succeed in Cameroon, only five million people use internet in Cameroon as against seven million in Senegal. In addition,  the ratio of students per computer in Cameroon is forty students per computer meanwhile countries like Uganda, Kenya and others are at four students per computer.

Above all, the poor internet connection and limited coverage nationwide are some of the burning issues to be handled if Cameroon must witnessed digital economic explosion.  
It should be recalled that Mr Biya and his purposeless government had organised an international economic forum in 2016 which brought together many business tycoons and world class economist to explore all  available investment opportunities in Cameroon so as to attract investors. Shockingly, most of the recommendations that where made, are still in drawers of various ministries with the purported objectives of the forum buried.

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Rita Akana

18.May.2017

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Facebook has selected 60 finalists from the hundreds of entries it received from across the Middle East and Africa

JOHANNESBURG, South Africa, May 17, 2017/ -- Facebook has selected 60 finalists from the hundreds of entries it received from across the Middle East and Africa for the Bots for Messenger Developer Challenge. The Bots for Messenger Challenge is a contest to recognise and reward developers who create the most innovative new bots on Messenger.

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Rita Akana

17.May.2017

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The spectacle at the Douala port last night  almost similar to what befell anglophone lawyers last year appears to be crumbling activities at the facility. Dockers besieged the port at 10pm, Monday demanding the fulfillment of promises made to them last week over their deplorable working conditions. But were met with stiff resistance from security officer to rained shots and threw tear gas to disperse the roaring crowd .

No one has been reported dead but many workers have sustained injuries.but this did not dampen the spirit of the striking workers who have once more paralyzed the port this morning.

The workers are demanding an improvement in their working conditions; most of them do not have health and social insurance coverage neither do they earn good wages.  Unqualified personnel are recruited over those who are competent. A situation which has adversely affected the loading and off loading of vessels at the Douala port.  

The disgruntled workers this time are blaming some of their trade union members whom they accuse of trying to circumvent their struggle with the support of unscrupulous officials and management of the Douala port. They lament that the negotiations which were conducted between their representatives, the administration and management of the port is not yielding fruits. For example the government is yet to say anything positive about the increase in salaries as well as the respect of conventions in the maritime sector.

They want these conventions ratified so that trained personnel are fit to work in the sector.

Cameroon Concord has observed that over the years dockers have been churned out from a school situated near the Douala Reunification stadium to the total indifference of authorities.

At press time, more security reinforcement has been sent to stifle any uprising at the port as administrative officials are seeking a platform to dialogue with the workers again.  

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Rita Akana

16.May.2017

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During the celebration of May Day, Joël Nana Kontchou, Managing Director of Eneo Cameroon, the company in charge of the electricity sector in Cameroon, paid tribute to the action of the commercial management and regional managements which enabled the collection of close to FCfa 4 billion “lining clients’ pockets” during the first quarter 2017.

“I wonder why we left so much money in the pockets of our clients when we need it”, the MD said in surprise. While indicating that this result was achieved by playing on 2 fronts only: fighting against irregularities and following up on big overdue accounts. “It is unacceptable that we should generate so many mistakes on our clients’ bills. It is not acceptable that we should leave so much money in the pockets of our clients”, repeated Joël Nana Kontchou.

The MD indicated that he is starting to see better days ahead. Without tariff increases, without the expected funding from financial backers and despite having over FCfa 30 billion in outstanding balance owed by clients, the company was able ti pay back its debt and operate normally.

BIC

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Rita Akana

12.May.2017

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