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Cameroon: Cobac sanctions five bank Managing Directors

Cameroon: Cobac sanctions five bank Managing Directors
  • Comments   -   Friday, 04 January 2019 14:32

(Business in Cameroon) - The Central African Banking Commission (Cobac) has just issued sanctions on Cameroonian bank managers. This followed its September 22, 2018, meeting, the conclusions of which were published by Abbas Mahamat Tolli (photo), the commission’s Chairman and Governor of Beac.

The concerned managers reportedly violated exchange regulations and did not comply with prudential standards. They are Alphonse Nafack, MD of Afriland First Bank; Isong Udom of United Bank for Africa; Gwendoline Nzo-Nguty Abunaw of Ecobank Cameroon; Waidi Loukoumanou of BGFIBank Cameroon as well as André Alexis Megudju, Managing Director of Crédit communautaire d'Afrique, a former microfinance institution that received Cobac's banking accreditation in March 2017.

Furthermore, Cobac also examined seven financial institutions accused of non-compliance with banking regulations, lack of internal control and money laundering, among others. According to the regulator, these institutions have freed themselves from the rules governing the foreign exchange market.

PcA

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