The Finance Sector
Industry Overview
Cameroon is a member of the Central African Economic and Monetary Community (CEMAC), a monetary union made up of six countries.
CEMAC’s monetary policy is conducted by the Bank of Central African States (BEAC) and decided at a sub-regional level. Each State is only responsible for fiscal policy while being subject to multilateral surveillance criteria.
Methods of Payment
Importers and exporters use internationally accepted methods of settlement in Cameroon.
Cameroon’s payments system is part of the CEMAC system.
The system consists of two parts:
- Clearing centers at the level of the Bank of Central African States (BEAC) branches for high-volume, small-value payments.
- Settlement through regional BEAC current accounts for large value payments.
There are currently no sub-regional clearing organizations (for CEMAC countries). The Central Bank executes transfer orders of account holders on its books within the CEMAC zone and abroad. In 2008, the Central Bank implemented a regional payments system that incorporates electronic bulk payment clearing. BEAC currently uses the SWIFT network.
Commercial Banking Structure
Cameroon has 18 operational commercial banks, with aggregate assets exceeding 1,800 billion CFA francs (about $3 billion). BEAC sets benchmark interest rates for the banking institutions and state treasuries.
Throughout the 2008-2009 financial crisis and the effects of the COVID19 pandemic, Cameroon’s banking system remained solid.
The regulatory board has restructured a few ailing banks.
