BANKING LAW IN CAMEROON
The banking industry in Cameroon is governed by a series of enactments (conventions, laws, ordinances, Presidential Decrees, Ministerial orders and circulars). Cameroon along with five other countries of the Central African Sub-Region have one Central Bank, the Bank of Central African States which is better known by its French acronym “BEAC”. The Republic of Cameroon, Chad, Central African Republic, Gabon, Congo and Equatorial Guinea are the member States of BEAC.
One of the most important texts regulating the banking sector in Cameroon is Ordinance Number 85/002 of 31st August 1985 which was further ratified by Law Number 88/006 of July 1988 and Law Number 10/019 of August 10th 1990 relating to the establishment of credit institutions or loan houses in Cameroon. The main banking regulatory instrument is the COBAC Text of 17th January 1992 harmonizing banking regulations in the six member States of BEAC.
Unlike the old practice whereby only persons of Cameroonian nationality had the privilege to lead banking institutions in Cameroon, investment in the banking sector is now opened to all persons or corporate bodies of Cameroonian or foreign nationality, irrespective of their place of residence. Hence foreign nationals have the right to enjoy the same liberties and protection of the law as those granted Cameroonian natural persons or corporate bodies. Furthermore, Ordinance Number 90/6 of October 26th 1990 exempts banking institutions from the payment of registration fees and stamp duties on all deeds and judgments relating to transfer and/or resale of immovable property.
Banks in Cameroon are all commercial banks with more than 10 existing and functional commercial banks operating as Public Limited Liability Companies.
We can assist you in the Cameroon Banking system in the following ways:
- Incorporation and registration of banks;
- Acquisition of property, concessions and administrative authorizations;
- Hiring of labour in compliance with the labour and social insurance legislations in force;
- Transfer of proceeds of all kind from the invested capital;
- Drafting of employment contracts in compliance with the Labour Code;
- Application for licensing;
- Acquisition of shares from already existing banks;
General counselling on bank and banking-related issues.