Want to open a bank account in Cameroon, you have found the right article as I will you sale you through what it takes alongside the various types of banks and bank accounts that you will find in Cameroon.
Cameroon is an African country that is located in Central of West Africa and it is a nation that attracts a lot of tourist due to their countless attractive touristic sites.
Cameroon is referred to as "Africa in miniature" due to its enormous natural resources but for sure, we are not here to talk about the country's resources but instead we are here to talk about its banking system and also what it takes to open a bank account in Cameron.
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Banking System in Cameroon
Since Cameroon is a Central African country, this also means that its banking system is overseen BEAC under the supervision of the French Treasury which guarantees the convertibility of the local currency at a rate of 655.957 CFA per one Euro.
Its an obligation that Cameroon holds at least 60% of its foreign reserves in an account in Paris that is managed by the French Treasury. The banking sector within CEMAC is regulated by the Central African Banking Committee(COBAC) which is housed in BEAC's offices in Yaounde.
The country Cameroon counts 13 operational commercial banks with an aggregate asset of 1,700 billion CFA francs.
How much does it cost to Create a bank account in Cameroon?
Well the cost of opening a bank account in Cameroon varies between the different banks that you find in Cameroon and in most cases, it is free.
But depending on the type of bank account that you want to open in Cameroon in Cameroon, you might be asked to pay a sum of 10,000 XAF to 50,000 XAF as an initial deposit and this amount can be withdrawn at anytime once the account has been setup already.
What do I need to Open a Bank Account in Cameroon ?
Depending on the type of bank account that you want to open, the requirements vary from bank to bank but below are the basic requirements that most of the banks in Cameroon will expect from you;
- A government issued ID Card, drivers license, international passport or permanent voters card
- A utility bill that shows the customer's residential address
- 2 or 3 passport sized photographs
- A sum for initial deposits
Types of Bank Accounts in Cameroon
Even though the banking system in Cameroon is not that well organized and developed, you still several bank accounts options from which you can choose the one that best suits you and below is the various types of bank accounts that you find in Cameroon:
1. Savings Account
The savings account as the name implies is an account that allows you to save your money for long time or short time purposes.
This type of account in Cameroon is mostly operated by traders or low income earners. It is an account that bears interest as time goes on even though at a low rate. Opening a savings account in Cameroon requires little or no cash and below are the features of a Savings bank account:
- Money can only be withdrawn occasionally if interest is to be paid
- Withdrawals cannot be made by another person on behalf of the customer
- It brings along a favorable interest.
2. Current Account
A current account as the name implies, is one that allows you to deposit and withdraw money for your transactions as you want anytime.
This account is mostly used by business owners for their business transactions and a current account is accompanied by a checkbook. Holders of a current account are able to obtain loans and overdrafts from the bank.
Below are the characteristics of a current account.
- You can frequently withdraw money from the account
- Other people an withdraw money from the account on behalf of the account owner
- Payment of commission is made by the customer to the ban.
- Holders of a current account are not entitled to interest on savings
3. Joint Account
A joint account is opened and owned by 2 or more individuals and no decision is made in this account without informing the other parties. The joint account is divided into 2 categories which include:
- Joint Tenancy which is mostly operated by married couples
- Tenant in common which is mostly operated by business partners.
4. Coporate Account
A corporate account on its own, is one that is opened by big corporations and multinationals. This account is also totally different from the other banking accounts due to the fact that it is mainly opened for business purposes.
5. Fixed Deposit Account
Money deposited in this type of account is often stored for a while often a minimum period of 30 days and a maximum period of 180 days. The fixed deposit account is most at times opened by coporate clients looking to earn high interest on money invested.
The features of this type of account includes:
- It attracts a higher interest rate
- A 7 days notice must be given before the withdrawal
- Money is often deposited and saved into this account for a specified period of time often decided by the customer anywhere between 30 days and 180 days.
6. Non Resident Cameroonian Account
A non resident Cameroonian account is a bank account that is made for Cameroonians who live in the diaspora but still want to operates a bank account in Cameroon.
7. Domiciliary Account
This is an account type which is dedicated to carrying out foreign transactions and this type of account can be used to transfer money to another country or receive foreign currency from other countries around the world.
Can I Create a Bank Account in Cameroon?
Yes you can open a bank account in Cameroon. In order to open a current bank account in Cameroon, you will have to submit two 4x4 identity photos, proof of income such as your recent pay slips, proof of address and a certified copy of your passport or national identity card. Depending on the bank that you have chosen, other documents might be required.
How to Open a Bank Account in Cameroon
In order to open or create a bank account in Cameroon online or in person you have to follow the below steps.
- Choose a Bank: In Cameroon, even though the banking sector is not that developed, you still have a full list of countries to choose from and you can select any bank of your choice based on the services that they offer and the one that suits you best.
- Prepare the Documents: Any bank has its own requirements based on the type of account that you want to open below, you are going to see what it takes to open each of this accounts.
How to Open a Savings Account
In order to open a savings account in Cameroon, you are going to need the following documents:
- A government issued ID card or driver's License, or national ID card or a permanent voters card
- 3 or 4 passport sized photographs
- A utility bill that reflects the customer's residential address, it can either be an ENEO or Water bill.
How to Open a Current Account
In order to open a current account in Cameroon, you are going to need the documents below:
- A government issued ID card - international passport, national ID Card or permanent voters card
- An initial deposit is to be made once you have been served an account opening form
- You need 2 or 3 passport sized photographs
- A utility bill which reflects a customer's residential address - PHCN bill
Opening a Bank Account by A non Resident in Cameroon
If you are a non resident planning to open a bank account in Cameroon, you will need to provide a stack of paperwork and sometimes a reference or employer letter will be provided too. Most at times, the bank will want one or two references to vouch for your good character, usually from people who already hold an account with a bank.
Well it is obvious that you should be asked to show up with your employer letter confirming you are employed incase you are opening an account to pay your salary. The requirements for this type of account include:
- A Residence permit that shows that you are in the country legally
- One or two reference forms or an employer letter
- Passport or another proof of ID such as national Identity card
- Application form and minimum account balance if relevant
- A passport photograph or authorized signatory
- Recent proof of your address such as a water bill, rent receipt or phone bill
Opening a Corporate or Business Bank Account in Cameroon
In order to open a corporate or business bank account in Cameroon, you are going to need the following documents:
- Board Resolution
- Passport photo of each account
- Valid IDs of Directors - photocopies
- Passport photo of each account signatory
- Certificate of Incorporation
- You will have to fill and application form that will be provided to you by the bank
List of Banks in Cameroon
- Afriland First Bank
- Atlantic Bank Cameroon (Banque Atlantique)
- Banque International du Cameroun pour l'Epargne et le Crédit (BICEC)
- BGFI Bank Cameroon
- SCB Cameroun
- Crédit Communautaire d'Afrique Bank (CCA Bank)
- Citibank
- Commercial Bank of Cameroon (CBC)
- Ecobank Cameroon
- United Bank for Africa (UBA)
- National Financial Credit Bank (NFCB)
- Société Commerciale de Banque du Cameroun - (Formerly SCB Credit Agricole)
- Societe Generale des Banques au Cameroun (SGBC)
- Standard Chartered Bank
- Union Bank of Cameroon (UBC)
Final Thoughts on How to Create a Bank Account in Cameroon
The bank you choose is determined by a variety of factors, including the bank's proximity to your location, interest rates, reputation, and so on.
Banks have even simplified the process, and you no longer need to go to the bank to open a bank account; you can do so from the comfort of your own home by using a short code or online platforms.
There are a variety of banks to choose from depending on the type of bank account you want to open.
Frequently Asked Questions
How much does it cost to open a bank account in Cameroon?
the minimum capital required ranges between CFA 100,000 and CFA 5 million depending on the bank you have chosen. In general, documents to be produced are: the commercial registration certificate (establishing the company's name and other details).
Can I open a bank account online in Cameroon?
If you decide to settle in Cameroon to work or start a business, you can open a bank account online. However, the procedures to create a bank account online in Cameroon may vary from bank to bank.
Which bank in Cameroon is worldwide?
Ecobank is the next list of international banks in Cameroon which constitutes one of the best international banks in Cameroon, you heard me right.
Can I create a UBA bank account online in Cameroon?
Yes and Regardless of your situation or lifestyle, you can start the process online or better still show up at any UBA branch around you.