License withdrawal for the insurer Alpha

After many warnings and orders, the CIMA has withdrawn Alpha’s license. The shareholders of the company failed to raise the two billion CFA francs (4 million USD) needed to recapitalize the company. Alpha, which detained 1.8% of the market shares in 2011, could no longer meet its obligations. The insurance professionals hope that the sector’s clean-up will continue as several Cameroonian insurers continue to face difficult situations.