Yaoundé - 21 October 2020 -

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.

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