(Business in Cameroon) - Central African citizen Maurice Christian Ouanzin (photo) will replace Cameroonian Halilou Yerima Boubakary whose mandate as secretary-general of the Central African Banking Commission (COBAC) expired in late 2020. Maurice Christian Ouanzin was appointed by a decision signed on December 18, 2021, by Cameroon’s President Paul Biya, president of the Conference of CEMAC Heads of State.
Up to now, the new secretary-general has been the deputy secretary-general. His mandate will start from the assumption date and end after a 5-year nonrenewable term. His deputy will be Cameroonian Michel Dzombala.
During the mandate he started in 2015, the outgoing secretary-general, who is a former Cameroonian government official, completed or initiated major reforms within the banking commission. An example is an ongoing reform concerning prudential rules applicable to payment institutions that issue electronic money. The rules are being adjusted to address the explosive growth in mobile money use in the CEMAC region. Another reform is the legal framework governing the activities of microfinance institutions. Up to the reform initiated by Halilou Yerima Boubakary, the sector was chaotic as proven by the sheer number of institutions that closed in recent years because of management problems.
The end of Halilou Yerima Boubakary’s mandate as COBAC secretary-general is nevertheless marked by controversial sanctions against Atlantic Bank Cameroon’s executives.