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Yaoundé - 22 October 2019 -
Finance

BEAC caps electronic payments and withdrawals outside CEMAC

BEAC caps electronic payments and withdrawals outside CEMAC
  • Comments   -   Thursday, 27 June 2019 11:35

(Business in Cameroon) - On June 10, 2019, the Bank of Central African States (BEAC) published a document that identifies the conditions for using the CEMAC’s electronic payment methods outside the region.

 “The use of electronic payment methods outside CEMAC is limited to current transactions that are within the currency allocation threshold prescribed by exchange control legislation,” the document signed by the bank’s governor Abbas Mahamat Tolli (photo) indicates.

Physical Payment or withdrawals using systems outside the CEMAC are capped at XAF5 million per user for every trip. Above this level, the traveller will have to justify the reason such an amount is being requested.

For online transactions, the cap is XAF1 million per user every month or the transaction should be justified via any traceable means within 30 days.

Issuing banks, commercial notably, are called to ensure compliance with these new rules.

Internal sources reveal that the new measures are aimed at fighting money laundering, terrorism and informal trade that led to an erosion of about 50% of SubSaharan countries’ GDP. It is also worth noting that the rules are published in a context marked by a shortage of currencies in the sub-region; a situation regularly reported by employer organizations.  

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