(Business in Cameroon) - The Central African Banking Commission (Cobac) officially announced January 15 the lapse of the authorization of Moroccan Bank of Africa (BOA) to open a subsidiary in Cameroon. “The lapse of Bank of Africa (BOA) Cameroon’s accreditation was announced by the Central African Banking Commission (Cobac) during its September, 18, 2018 meeting. The data from this bank are not taken into account in the note” Cobac says in its CEMAC Monetary Policy Report.

This new information brings into question the setting up procedure commenced by BOA, whose authorization was granted by Cobac in 2016. Thereafter, the bank also received approval by local authorities via Order No. 0406/Minfi of 8 May 2017. However, BOA Cameroon didn’t so far open doors; which is rather bizarre, and the bank is not very communicative on the matter.

Let’s recall that at the time Bank of Africa Cameroon was announced in 2016, it was set to have an initial capital of XAF10 billion. Three years later, setting up in the country is now reversed.

Sylvain Andzongo