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Yaoundé - 06 July 2020 -
Economy

Only 3 out of 15 banks provide fund transfer services without external agents in Cameroon (report)

Only 3 out of 15 banks provide fund transfer services without external agents in Cameroon (report)
  • Comments   -   Monday, 09 September 2019 16:06

(Business in Cameroon) - In Cameroon, only three out of the fifteen financial institutions provide fund transfer services without resorting to external agents for payments or collections. This is revealed in a report “Panorama des transferts de fonds dans les pays de la CEEAC,” funded by the African, Caribbean and Pacific Group of States (ACP) and the European Commission.

According to the report, those financial institutions include Ecobank, Afriland and Agence de crédit pour l’entreprise privée (Acep). They have agencies in the origin countries and in some CEEAC countries.

The report also indicates that the financial institutions have franchise agreements with money transfer companies such as Western Union and Money Gram. Those companies provide supporting infrastructures under usually standardized conditions.

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