logoBC
Yaoundé - 28 March 2024 -
Finance

Cameroon: UBA Cameroon served as an intermediary bank for 52.9% of cocoa sold in 2019-2020 (ONCC)

Cameroon: UBA Cameroon served as an intermediary bank for 52.9% of cocoa sold in 2019-2020 (ONCC)
  • Comments   -   Friday, 25 September 2020 14:40

(Business in Cameroon) - Eleven (11) commercial banks operating in Cameroon served as intermediaries between cocoa exporters in Cameroon and their foreign buyers during the 2019-2020 cocoa campaign, according to the national coffee and cocoa board ONCC.

UBA Cameroon was the leader by serving as an intermediary for 52.9% of the cocoa exported in the country. Ecobank Cameroon came second with 18.4%, BGFI came next with 8.1% followed by Bicec with 7.9%.

For the exportation of cocoa and many other products, the exporter and the buyer are represented by two (2) commercial banks that guarantee the effectivity of the transaction. The buyer’s bank issues a letter of credit committing to pay the buyer once it receives all the logistics and administrative documents. Those documents are transmitted by the exporter’s bank, which makes a documentary credit to its client promising to ensure the transaction is successfully concluded with the buyer.

Brice R. Mbodiam

eu-pledges-over-cfa12bn-for-entrepreneurship-and-electricity-access-support-in-cameroon
The EU agreed to disburse over CFA12 billion to support growth-driven projects in Cameroon. The two related deals were signed in Yaoundé on March 26...
central-africa-set-for-highest-economic-growth-in-a-decade-amid-inflation-concerns
Growth within the Cemac region is expected to peak at 3.6% this year, according to the estimates of Beac’s Monetary Policy Committee (MPC), which met on...
mtn-cameroon-sees-record-growth-with-cfa325-7bn-revenue-in-2023-amid-market-challenges
MTN Cameroon reported a robust revenue of CFA325.7 billion for 2023. According to data released on the Johannesburg Stock Exchange in South Africa, this...
cameroon-s-customs-enforces-air-cargo-regulations-threatens-fines-for-non-compliance
Edwin Fongod Nuvaga, the Director-General of Customs in Cameroon, has issued a reminder to airlines about their obligations to comply with standard...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »