Microfinance regulation is a rapidly developing area of concern and debate topic nowadays especially as the recent economic recession and financial inclusion efforts by the world bank and other Bretton-Woods institutional bodies lay emphasis on the Microfinance sector as the last hope for global financial inclusion strategy after the failure of the classical banks in playing this poverty-alleviation-oriented role. The impact of Microfinance on the world¿s economy cannot be overemphasized. The problem of this piece of work is the phenomenon of recurrent closures of MFIs, change of names, and clandestine existence. Our Main area of concern was to establish a link between the current occurrences with the role of the Ministry of Finance (MINFI) as a Regulator. It was found that while the strategic management choices of the Ministry of Finance/ the Division of Microfinance (MINFI/DMF) are definitely not the sole factors responsible for the noticeable irregularities in the Microfinance sector in Cameroon, they constituted a major and important source of the problem.