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Leasing: Africa in Quest of Efficiency

The 13th African Leasing Convention went underway at the Yaounde Hilton Hotel yesterday.Stakeholders in leasing within and without Africa are devising ways to better sensitise the public, share ideas as well as encourage respective governments to formulate laws that could boost the sector, described as a catalyst to economic development. This is within the framework of the 13th African Leasing Convention that opened in Yaounde yesterday.

Participants from over 18 countries were unanimous that the credit market is fast growing in emerging economies and entrepreneurs have come to understand the principle of using other people??s money and leasing is the tool where entrepreneurs do not only use other peoples money but resources as well. This, as it provides entrepreneurs with equipment capital to be used in production. According to the President of Afrolease, Juma Kisaame, the difference between a lease and a loan is that the equipment being bought is the security in the transaction unlike a loan where collateral security is needed in a different form.Africa, Mr Juma stressed, is yet to fully integrate this alternative means of financing which guarantees means of growth, especially for small and medium-sized enterprises that may not have the collateral security to secure loans in financial institutions. The not-so-comfortable leasing situation in Africa, he added, could be altered if respective countries improve on their legislation, regulation, accounting, taxation and market awareness.Like other speakers who took turns to laud the holding of the Yaounde conference, Cameroon??s Minister of Finance, Essimi Menye, who sat in for the Prime Minister, said the ongoing meeting is coming at a time government is deploying all efforts to boost small and medium-sized enterprises in the country. As such, the convention is serving as an experience-sharing forum where participants will scan and adapt best practices that will popularise the sector and boost economic development.Through discussions in plenary sessions, workshops and paper presentations, participants are tackling topics like regulating leasing in the BEAC zone, Africa and the international experience with leasing, the role of micro leasing in financing small and medium-sized enterprises, tax regulation??s impact of the growth of leasing finance, among others. The convention precedes a workshop on strategic lease as a financing option: risks, identification and management for banks and non banks billed for May 26 ?? 27, 2010. The ceremony was attended among others by the Ministers of Industries, Mines and Technological Development, Badel Ndanga Ndinga and that of the Small and Medium-sized Enterprises, Social Economy and Handicrafts, Laurent Serge Etoundi Ngoa.

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