(Business in Cameroon) - On September 22, Abbas Mahamat Tolli (photo), governor of the Bank of Central African States (BEAC), signed a decision allowing the BEAC (central bank of CEMAC region) to collect commissions on outgoing wire transfers in the CEMAC region.
The governor indicates that the commission to be collected on behalf of approved intermediaries is 0.5% of the pre-tax value. This will be added to the commission already applied by credit institutions to their clients. According to the decision n° 002/GR/2019 which sets the fees on fund transfers, these fees should not exceed 1% of the pre-tax value.
Also, the rate of the commission to be levied by the BEAC on outgoing wire transfers on behalf of the public treasuries and sub-participants (involved in payment systems) that have accounts at the central bank is O.25% of the pre-tax value. The BEAC’s national directorates are tasked to implement the decisions, which should take effect on January 1, 2021.