Tag Archives: money

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

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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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How to secure money for your business project.

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Sone is a Cameroonian male living in Europe. Sone went abroad in order to seek for greener pasture and escape poverty in his home country. He has been nursing several ideas to start a business, however, he seems not to be able to mobilize the funds. Sone has the following options to raise funds in order to start his own business.

1) Use his savings.
Savings is money you put aside to invest. There are several ways to save money ranging from joining a savings club(Nchangi), making automatic deductions from your current account, hiding money under your mattress.

2) Borrow money from friends and family.
This another way Sone can raise money to start his business. He can reach out to friends and family relatives, tell them about his business, and persuade them to invest in it either against equity or in order to reap a little extra later.

3) Borrow from Financial Institutions.
Sone can approach several financial institutions including banks, credit unions, village associations and borrow from there. He would most probably be asked to bring a surtee or provide collateral security.

4) Sell Stuff.
Sone can sell some of his stuff to raise money. There are all types of sites and yard sales where you can sell some of your stuff. Selling his laptop, for example, can provide Sone enough money to start a business.

Sone can even decide to use several of these sources of funding. What is certian is that financial institutions would require that Sone show proof of possessing his own funds in order to get invovled. Which of funding would you choose if you were Sone. Register your thoughts below.

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Is it necessary to borrow money in order to start a business?

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Starting a business is one of those things we all want to do at some stage of our lives. However, despite our best intentions, we are sometimes bugged down by financial difficulties. Borrowing money from banks or friends and relatives can be the answer. But are you aware of the risk involved in borrowed money.

First, there is the issue of paying interest on the money borrowed if,for instance, you borrowed from a bank. Not only would you have stress when you have to repay the money but sometimes your assets may be seized and auctioned if you are unable to pay. Secondly, it might bring strife and misunderstanding between you and your family members or friends in case you default on paying the money. Lastly, borrowing can become such a habit that you find yourself in a hole it is difficult to get out of.

What is the best way to start a business then? You have have to count on your saved money. This would put less stress on you and you would not have to worry about not being able to repay a loan. I know some people would disagree with me. Register your thoughts below.

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Are you saving for rainy days.

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We all love to spend money. We have a good feeling each time we buy a new item like a pair of shoes, clothes or furniture. We spend money to catch up with friends and neighbours and because of programs we watch on TV which all encourage spending as much as possible. But have you considered this? What would make you successful in life is not how much you spend but how much you save. Successful people save money all the time. How much are you putting aside for rainy days?

Whether we like it or not, rainy days would come and those who have savings are better equiped to tackle circumstances. Just as spending is a habit to most of us, saving has to become a habit too. The secret is to save no matter how small on a consistent basis. Start saving today each time money enters your hand and you would realise it would become a habit overtime.

Only those who save money can do investments. The main purpose for saving money is to invest it. You can only buy land, build a house, pay your tuition if you have savings. Some of you would tell me you can borrow too and do the same. Borrowing would put a heavy burden and stress on you , saving would not. Each time you want to do a big purchase think of saving money and you would thank me for it. Do you need all the things you buy? Start saving money, little by little, just as a child learns how to walk and you would see how much you must have put aside after some time. I wish you all a nice day.

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5 tips to excel at you jobside.

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We all love it when we are promoted at the job side. Not only do our salaries increase but we are saddled with more responsibilities. These promotions only come about when we excel at the job side and we are noticed by the boss. These are a few tips on how to be outstanding at the job side.

1) Always arrive before everybody and leave after all your co-workers.

Whether you believe it or not, your boss would notice you if you come to work before everybody and you leave among the last. It shows a commitment to your work and proves you want the success of the company.

2) Avoid distractions during work hours.

You should not be chatting with your friend, fidgeting with your phone or loitering about during working hours. It makes it appear as if you do not have work to do and if an employee is ideal, you are not worthy to remain on the payroll. Be focused on the work at hand and concentrate until it is finished.

3) No visits during working hours.

Don’t allow you friends or family to visit you during working hours. They should visit you at home or call you in case of an emergency.

4) Do more than you are required.

You can be given a target by your boss to process 10 files per day. Why not do 12 instead? Take initiative when necessary and your boss would notice you as a hard worker and promotion would naturally follow.

5) Always inform somebody when you cannot make it to the office.

I was talking to a friend the other day who owns a hotel in kumba and he told me some of his employees abstain from work for than three days without informing him. What is difficult to either send a text message or call to explain why you would be absent. Your employer should arrange for somebody to replace you.

I hope you learnt something from these tips. Which others do you know? Write in the comments below.

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Reasons why christians are poor.

A lot of Christians wonder why they should be poor when the bible says Jesus Christ took away our poverty and gave us his riches. ( 2 Corinthians 8:9 ) The bible also says that you shall prosper and be in good health just as your soul prospers. ( 3 John 2 ) Still in psalms 23:2 , the bible says you shall never lack. These are some reasons why some Christians are still poor :

1) Dependance mentality.

Many Christians are poor because they depend on others like their parents, brothers, sisters or other relatives and friends.

2) Beggarly and borrowing mentality.

A lot of Christians are poor because they like to borrow or live on credit. There is a risk of making it a habit and being an addicted borrower.

3) Spiritual Blindness.

A lot of Christians are blind to the opportunities around them. That is why a lot of Africans go abroad to seek greener pasture.

One of the easiest ways to get out of poverty is by giving. Giving empowers you to financial dominance. Those who give prosper without stress. Once you are not a giver, the devourer would devour your money. He comes in the form of sickness, business failure etc. When God gives you financial dominance, it is for service to mankind. It is so that you too can bless others.

I hope you start giving today or if you are already an addicted giver, you just need to continue in that light. I wish you all a nice day.

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Are taxes killing entrepreneurship in Cameroon?

One of the cries among businesses in Cameroon is the exorbitant texes they have to cough out each month to the state coffers. Not only do the business men and women not understand how these taxes are calculated but they also complain that there is no grace period from the time you create a company to the the time the company starts making a profit. It is alleged that taxes paid by businesses in Cameroon are far higher than in neighbouring countries and that the tax system has laid to a lot of corruption.

This taxation conundrum has led many businesses to relocate in neighbouring countries like Nigeria while others have been forced to close down althogether. Some others have gone underground prefering the informal sector in order to evade taxes. I last visited a friend who owns a hotel in kumba and he was complaining his taxes were hiked from 200.000 frs he paid last 2 years to almost a million last year. He told me this situation was unbearable for him and he was thinking of converting his hotel into school.

The government has stated that there is no problem with the taxation system and that businessmen were complaining for nothing. They say Cameroonians have the mentality of not paying taxes because they say they do know what the money is used for. Nonetheless, the government has taken some measures to ease the tax burden like creating a one stop shop and simplifying the taxation system. In addition, new tax units have been created to cater for specific businesses.

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