Settling in Cameroon – part 11: Why some Africans still shun keeping their money in Banks?

bank

Upon settling in Cameroon, i noticed that very few people actually owned bank accounts. This was strange to me because i could not understand how somebody could do financial transactions without a bank account. Coming from Europe where virtually everyone has one, i sought to find out why Cameroonians did not own bank accounts. Where do they keep their money? How do they do financial transactions?

I realized that a lot of Cameroonians shun banks because they believe you need a lot of money to open a bank account. Some others feel that banks are for “big” people and the elite in society. They prefer to hide their money under their mattress where they see it everyday. However, these people don’t see the risk involved in case of a fire outbreak.

Who is then responsible for this situation? I think the banks should communicate more about their services and make opening an account easy. The government should also pass legislature obliging all companies to pay their workers through financial institutions instead in their hand.

Where do you hide your hard-earned money? Under your mattress, carpet, at home? Or in financial institutions? Register your answer below.

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