(Business in Cameroon) - On April 11, 2018, in Congo, Nagoum Yamassoum, president of the COSUMAF, the central African financial market’s supervisor, and Jean Claude Ngbwa, the president of Cameroon financial market’s supervisor CMF, signed a cooperation and information exchange agreement. This agreement falls in the framework of the coming merger of Gabon and Cameroon’s stock exchanges.
In the transitional phase of this merger (which should be completed by June 30, 2019), COSUMAF and CMF committed to transmit, receive or exchange all the information and the documents deemed necessary to their respective missions.
According to article 3 of the said agreement, an operating license delivered by one of these institutions is recognized by the other and can be used in all the six member states of CEMAC. Therefore, the operator that received the license is no more required to apply for another one from CMF (if the license is delivered by COSUMAF) or COSUMAF (if the license is delivered by CMF).
Also, during the transitional phase, the institutions will apply the tariffs in force on the regional financial market. However, for services whose fees are not determined in the common market, CMF is free to apply its own tariff.
Moreover, for the peaceful coexistence of these institutions, they agreed to let either the president or a representative of one of them participate (as an observer) in the meetings of the other.
Let’s remind that this merger was decided on October 31, 2017, by heads of States of CEMAC and, it was also decided that the headquarters of this regional financial institution should be in Libreville, Gabon. The stock exchange of CEMAC (Douala stock exchange) being in Douala, this means that COSUMAF will absorb CMF and Douala stock exchange will absorb Libreville stock exchange (BVMAC) to finally create this regional financial market.