Banks in Equatorial Guinea

Equatorial Guinea’s banking system is part of the Central African Economic and Monetary Community (CEMAC). The Bank of Central African States (BEAC) manages the regional currency, monetary and exchange policy, foreign-exchange reserves and payment settlement systems. The Central African Banking Commission (COBAC) supervises prudential requirements, compliance and sanctions. The currency is the franc CFA d’Afrique Centrale, written FCFA or XAF, with a fixed rate of 1 EUR = 655.957 FCFA. The publicly identified commercial banks are Banco Nacional de Guinea Ecuatorial (BANGE), CCEIBANK GE, ECOBANK, BGFIBANK and Société Générale. BEAC reported five banks, 58 branches or service counters and 310,837 bank accounts in 2022; a current nationwide breakdown of branches and accounts has not been verified. Banks offer current or checking accounts, savings accounts, salary and company accounts, and in some cases retirement- or salary-linked products. Bonos de caja are term-deposit or certificate products whose term and interest depend on the bank and contract. Opening an account normally requires identity and residence evidence and a bank form. A CCEI example lists a valid national identity document, passport or residence document and a passport photograph. The bank also performs know-your-customer and anti-money-laundering checks, so the exact documents, fees and opening time can vary. A person or company resident in CEMAC without a deposit account has a right to an account. After at least three written refusals, the applicant may appeal to BEAC, which can designate a bank; a refusal must be given in writing. Payments can use cash, cheques, direct debits, transfers, cards and mobile money. IBAN and RIB standards have been used for transfers since 2021. SYSTAC handles automated clearing for non-urgent mass payments below 100,000,000 FCFA, including transfers, direct debits, cheques and card transactions, with daily settlement around 13:00 to 13:30. SYGMA is the real-time gross settlement system for high-value payments. GIMAC and GIMACPAY connect regional cards, mobile wallets, bank accounts, merchant payments, code-based ATM withdrawals and some international transfers. Foreign-exchange and international transfers remain subject to BEAC and CEMAC rules and to the bank’s available service. Cards are used through GAB or ATM machines and TPE, POS or datáfono terminals. GIMAC cards work at CEMAC ATMs; CCEI offers Mastercard for international ATM, POS and online payments, and BANGE has introduced UnionPay. The research does not establish universal limits, fees, acceptance levels or delivery times. National POS and card coverage remained incomplete during 2025 and 2026, and unstable internet connections can affect ATM and POS availability. The government has planned broader terminal coverage, but implementation continues to be monitored. Digital services differ by bank. CCEI E-Banking is available around the clock for balance checks, statements, national and subregional transfers, password changes and cheque-book requests. Its SMS Banking service sends real-time notices about incoming and outgoing funds, transfers and payments. Ecobank offers internet banking, ATMs, cards and mobile or transfer services. GIMACPAY provides a regional mobile alternative. Banks must publish their banking conditions and tariff schedules. The CEMAC consumer framework provides for transparent product, risk and obligation information, free minimum services within the permitted scope, financial and data protection, free complaint handling and mediation, although a specific local ombudsman or mediation office has not been verified. Fees for accounts, cards, ATM use, transfers and digital services depend on the bank and product. There is no verified single nationwide tariff list. A bank may close an account after a justified written notice given at least 60 calendar days in advance. Customers should keep transaction references, review statements and SMS alerts, protect PINs and passwords, and report unauthorized fees or card charges to the bank in writing without delay. A 2026 BANGE case involving unsolicited web-banking fees and card charges before delivery or after replacement led to ordered refunds or corrections within 24 hours in that specific case; it should not be treated as a general practice of all banks. Eligible deposits are protected through FOGADAC up to 5,000,000 FCFA per depositor per credit institution, not without limit.