In eternal crisis, the Mutual Credit of Senegal (Cms) is being crossed by a tsunami which risks devastating all its achievements, with an extraordinary bleeding.

Its top management is accused of arrogance in an organized gang, with credit files without guarantees, derogations made by cronyism, insurance policies on which the institution has lost a lot, or even the sale of its land from the Fair to up to FCfa 700 million to a buyer who was loaned this hoard by the same institution via a syndicated loan from its various funds. Joined by WalfQuotidien, its CEO, Amadou Jean Jacques Diop denies without precision.

The Mutual Credit of Senegal (Cms) begins to lose all credit. The microfinance institution is in a zone of turbulence. It comes back to us, from reliable sources, that negotiations are underway at the highest level to try to restore order in the affairs of the management team of this institution, formerly the most dynamic that the Uemoa zone envied in Senegal. Indeed, according to several sources, nothing works in this institution, which is plagued by endless crises. And, we are told, the coming financial tsunami risks devastating everything, if we are not careful. And the repercussions will be strongly felt by small savers in these times of Covid-19, when many things are in shambles and when credit should be the sinews of the stimulus war for them.

According to WalfQuotidien sources, poor management of the Cms could lead to a credit crunch at a time when cash needs are pressing. Because, the daily life of this decentralized financial system (Sfd) rhymes, according to our deep throats, with scandals. Which concern, we are told, recruitments of convenience by the top management, credit files of 600 million CFA francs granted without guarantees, derogations made by cronyism, insurance policies on which the institution has lost a lot , etc “There are still curious things happening at Crédit Mutuel du Sénégal (Cms) that the State should keep a close eye on. There is a very serious scandal that risks wetting beautiful people. Starting with the leaders of this microfinance institution,” says an internal source. And checks made with the Ministry of Finance and Budget, we are informed without too many details that there is “a restructuring in progress at Crédit Mutuel du Senegal”. This seems to explain the absence of the director general of this institution, Amadou Jean Jacques Diop for, we are told, "due to illness". And, according to other sources, it is the same for the boss of the group's subsidiary, Bimao, Mbaye Dione, former temporary administrator of Cms who had Amadou Jean Jacques Diop recruited as Dg of Cms. Which subsequently recruited him at the head of this subsidiary for, he told us, on the telephone, "his skills".

Alongside these cases, there is a dark case of sale of land located in Cices of more than 3 thousand square meters. Initiated under the provisional administration of Mbaye Dione, according to our sources, the sale process was finalized by his successor for more than 700 million francs, with an advance of 250 million, before a notary. But, the funniest part of this deal is Crédit Mutuel, which lent him the money to buy his land assets through a “consortium loan” for a transfer of 800 million francs. And icing on the cake, we are told, with a one-year delay. Reached by WalfQuotidien, the director general of the Cms, Amadou Jean Jacques Diop, brushes it all aside: "This is absolutely false information", he said on the phone, without further details, believing that he was in sick leave.

In any case, this file, of which some ministers are aware, risks splashing the beautiful world. Because, workers of Crédit Mutuel du Senegal recently met the minister in charge, Abdoulaye Daouda Diallo. Which would have been seized by the banking commission of the Bceao on this burning file which does not end and which threatens the jobs of the 1,500 Senegalese who work in this company established in the 45 departments of Senegal.