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BEAC to implement a new legal framework to oversee electronic transactions within CEMAC

BEAC to implement a new legal framework to oversee electronic transactions within CEMAC
  • Comments   -   Monday, 28 May 2018 16:58

(Business in Cameroon) - This year, BEAC will implement a new legal framework for electronic payments within CEMAC. This was announced in a report the bank just published, focused on the state of these transactions in 2017.

According to the bank, this framework will correct some shortfalls on the system overseers’ responsibilities.  

In the report, BEAC writes that the actors issuing electronic currency are unanimous on the fact that the current texts are silent on the development of some services (international transfers, microloans, micro-savings, and crowdfunding…). In addition, those texts do not address some crucial problems such as the proper way to contact the clients or register them.

The bank further notes that according to the current text, microfinance institutions cannot issue electronic payment despite being important tools in the financial inclusion. Therefore, the new framework will address this issue.

For the record, between 2017 and 2016, the electronic transactions within CEMAC have increased by more than CFA3 billion (CFA1,631 billion in 2016 to CFA4,700 billion in 2017).

Sylvain Andzongo

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