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Yaoundé - 18 October 2019 -
Finance

Payment by CEMAC citizens outside the region, via banking cards, reached XAF115 bln in 2018

Payment by CEMAC citizens outside the region, via banking cards, reached XAF115 bln in 2018
  • Comments   -   Wednesday, 03 July 2019 16:06

(Business in Cameroon) - Close to 1 million CEMAC citizens own a banking card for international payments. This was revealed by Valentin Mbozo’o, general director of the Central African region’s interbank group for electronic money governance GIMAC, during an interview with Cameroon’s state-owned media.

According to the director, in 2018, the owners of these cards made transactions estimated at XAF115 billion towards destinations outside the CEMAC region. XAF71 billion of these transactions were made with Visa cards and the remaining via Mastercard and Union Pay International cards.

He indicates that the recent cap imposed by the central bank for transactions outside CEMAC via banking cards will help stem capital flights. It will also ensure better traceability of financing flows in and out of the CEMAC region, he adds.

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