– The largest banking sector in CEMAC
Cameroon's financial system is the largest in the CEMAC region, accounting for approximately half of the region's financial assets. Non-bank financial institutions play a minor role in the country.
In the CEMAC zone, a community area made up of six states (Cameroon, Congo, Gabon, Chad, CAR and Equatorial Guinea), credit institutions established in Cameroon largely dominated the bank credit market in the first quarter of 2022, notably with 4 players: Afriland First Bank, SCB Cameroon, Société Générale Cameroon and BICEC.
Over the same period, credit supply remained dominated by banks, which accounted for 98,78% of the total financing recorded, compared to 1,22% for financial institutions. With a network of 18 licensed banks, Cameroon, which is also home to 40% of the CEMAC industrial sector, alone has nearly 50% of the community's banking network.The financial sector is dominated by large foreign banks, with excess liquidity. The financial and banking sector, with a current potential of 13 banks approved by Cobac, is undoubtedly one of the sectors recruiting the most. This sector is constantly growing with new offerings and innovations in financial services.
Thus, two new banks were approved in September 2022 with the transformation of Régionale SA, a microfinance institution, and Africa Golden Bank into a universal bank. The increase in banks is in line with the government's objective of transforming the financial system. By 2030, the public authorities hope to increase the number of banks operating in Cameroon to 30 in order to diversify the offering and thus facilitate access to financial services for the general public.