(Business in Cameroon) - The Bank of Central African States (Beac) recently published a study titled: “Publication des conditions tarifaires par les banques au Cameroun : Enjeux, état des lieux et perspectives” (Publication of Tariff Conditions by Banks in Cameroon: Issues, State of Play and Prospects). This study was carried out by two researchers Hermann Tankou Mefenya of the BEAC Agency in Limbe and Francis Balie Djong of the audit firm KPMG.
In the said study, it was revealed that the regulation on the publication of tariff conditions in the CEMAC zone is not limited to banks. It applies to microfinance and financial institutions.
"For the period from January 1 to June 30, 2019, we found in the Cameroon Tribune [government daily in Cameroon] the tariff conditions of 2 out of the 7 financial institutions operating in Cameroon. No microfinance institution conditions were found," the study read.
"Publishing the terms and conditions of these institutions [microfinance and financial institutions] on the Beac website would greatly facilitate access and could have a significant impact on financial inclusion and increased competition in these markets," the two researchers said.
They point out that the regulation demanding the publication of tariff conditions has three main objectives, namely consumer protection, financial inclusion, and increased competition in the banking market. These conditions can be published in branches, on bank’s websites, on the media, the regulator’s website, on the central bank’s website, or via banks’ professional associations.