(Business in Cameroon) - Following users’ complaints about the numerous procedures now requested by banks, Blaise Eugène Nsom (director of the BEAC’s local representation in Cameroon) recently sent a correspondence to the 15 banks operating in Cameroon.
In the correspondence sent on December 11, 2020, the director reminds the managing directors of the banks of the documentary proofs they can require from users who use the electronic payment means when outside the CEMAC region or for online payments and when they should do so.
According to the director, under the decree n° 000/GR/2019 of June 10, 2019, governing those transactions, no documentary proof should be required for online transactions below XAF1 million monthly. As for transactions that exceed the XAF1 million monthly mark, all the required documentation should be provided within 30 days.
He adds that when using electronic payment means during their travels outside the CEMAC region, users are not obliged to provide supporting documentation when the transactions do not exceed XAF5 million per user and trip. However, for payments or withdrawals that exceed XAF5 million per person or per trip, banking institutions should require documentary proofs before or after the transaction. For the purchase of goods and services, users should provide the required documentation before or after the transaction or indicate where the operation was performed.
“Moreover, the reporting obligation stipulated by article 10 of the decree mentioned is not a basis to require documentary proof from users since the information needed for that purpose is contained in your information systems,” he adds.