Banks in Cameroon

The banking system in Cameroon comprises banks, financial institutions, microfinance institutions (EMF), and payment institutions. The Bank of Central African States (BEAC), officially Banque des États de l'Afrique Centrale (BEAC), is the central bank and operates and/or oversees central payment systems. The Central African Banking Commission (COBAC), officially Commission Bancaire de l'Afrique Centrale (COBAC), sets the supervisory and licensing framework. The Ministry of Finance (MINFI) is the national governmental supervisory and competent authority for the financial sector. The National Economic and Financial Council (CNEF) works, among other things, on financial data and consumer education. The current licence should be checked directly with the competent authority or provider before opening an account. Individuals and legal entities with a residence or registered office in the CEMAC generally have access to a deposit account. For this purpose, the bank checks identity, address, contact details, beneficial owners, and, where applicable, the origin of funds. Companies typically submit registration, tax, and representation documents. The exact list depends on the bank and product. A bank may refuse an account for legal or risk-related reasons. If at least three banks refuse to open an account, an application may be made to the BEAC for the designation of a bank. Common account types include current or deposit accounts, savings or livret accounts, and fixed-term deposit accounts. An account may be held as an individual account, joint account, or indivise account. The account agreement governs deposits, withdrawals, transfers, direct debits, cheques, and fees, among other matters. Death, inactivity, or estate administration also trigger the bank's procedures and the applicable legal rules. Payments are available through cash, transfers, direct debits, cheques, cards, and electronic wallets. The mass-payment system (SYSTAC) processes bulk payments; transfers and direct debits take approximately 24 hours there, while cheques take approximately 48 hours. The real-time gross settlement system (SYGMA) is used for high-value payments. The inter-institutional payment infrastructure (GIMACPAY) connects card and other payment infrastructures between financial institutions. Payment and card irregularities may be recorded under the statutory conditions in the Central Incident Payment Register (CIP). A first unpaid cheque or corresponding direct debit may lead to an account block at bank level; after 30 days without regularisation, further restrictions and publication may follow. Banks issue debit and payment cards. Whether a card works at ATMs, point-of-sale terminals, or in electronic commerce depends on the bank and network. The GIMAC infrastructure enables interoperability between participating institutions. In the event of loss or fraud, the cardholder must have the card blocked immediately by the issuer and report the incident. Mobile Money and electronic wallets are an important complement to branch banking in Cameroon. Orange Money and MTN Mobile Money use SIM cards, USSD, agents, or merchants to provide, among other things, deposits and withdrawals, transfers between users, bill payments, merchant payments, and airtime purchases. The USSD access codes listed by the Telecommunications Regulatory Agency (ART) include #150# for Orange Money and *126*1# for MTN Mobile Money. Fees, limits, availability, and the agent network depend on the provider. The payment institutions named in 2024 include Orange Money Cameroun (OMCM) and Mobile Money Corporation SA (MMC). Electronic money is a payment instrument or payment account and is not automatically a bank deposit; customer funds are held separately at CEMAC credit institutions. Since 2020, GIMAC has supported interoperability between Mobile Money and payment accounts. The deposit guarantee scheme (FOGADAC) generally covers up to 5,000,000 FCFA per depositor and credit institution when non-availability has been established. Several accounts at the same bank are aggregated for this limit. The procedure begins after COBAC has established the non-availability; the claim period is normally two months, and the target payout is also two months from COBAC's request, although extensions are possible. This coverage does not protect securities or investments outside protected deposits. Banks must permanently publish their banking conditions (conditions de banque) in branches or on their websites. Before a contract is concluded, information duties, a written account agreement, consent requirements, and data-protection rules apply; complaints must be handled through the designated customer service and, where applicable, a mediation procedure. A package of 22 basic banking products and services is free within the authorised transactions. Additional services, further payment channels, and services not included in the package may incur fees. Current tariffs, branch, ATM, and agent coverage, digital reliability, and complaint handling are relevant for the selection. For security, PINs, OTPs, and USSD confirmations must never be shared. Users should use only official apps, USSD codes, and registered agents, activate transaction notifications, and regularly reconcile account activity. In the event of fraud, the provider or bank should be informed first; depending on the case, the competent complaint or supervisory authorities should then be contacted. Cross-border transfers outside the CEMAC may require foreign-exchange checks and evidence of the purpose and origin of the payment.