REMUNERATION AND FINANCIAL GUARANTEE REQUIREMENTS OF INTERMEDIARY BANKING OPERATIONS IN CAMEROON
The remuneration of the intermediary in banking transactions is set out in the agency agreement between the intermediary and the principal credit institution. This remuneration must correspond to actual work performed by the intermediary in banking transactions.
Credit institutions are prohibited from paying flat-rate commissions to intermediaries in banking transactions.
For the purposes of paragraph 1 of Article 23 of COBAC R-2023/02, the remuneration of intermediaries in banking transactions, or any other economic benefit offered to them, must not exceed 3% of the amount of the transaction brought in.
Payment of the commission due to the intermediary in banking transactions exceeding five hundred thousand (500,000) FCFA may only be made electronically.
It is prohibited for any intermediary in banking operations who assists, in any capacity and in any manner whatsoever, directly or indirectly, in obtaining or granting credit, to collect any sum representing a deposit, commission, search fees, processing fees, file preparation fees, or any other intermediary fee, before the actual disbursement of said credit.
It is prohibited for any intermediary in banking operations to collect commissions from a client, within the scope of their mandate, regardless of the type of transaction.
FINANCIAL GUARANTEE REQUIREMENT FOR AN INTERMEDIARY BANK IN CAMEROON
Any legal entity intermediary in banking operations that, even occasionally, is entrusted with funds as an agent of the parties, is required at all times to provide proof of a financial guarantee specifically allocated to the reimbursement of these funds to clients.
A legal entity intermediary in banking operations, mandated to hold funds, must provide proof of a financial guarantee at all times.
This financial guarantee is a deposit made with a credit institution authorized in one of the CEMAC member states, in an amount determined by instruction from the COBAC president. The deposit account agreement must stipulate:
i) That the intermediary may not authorize any debit from this account, except by closing it;
ii) That the credit institution may, after approval by the COBAC, withdraw funds from this account for the purpose of reimbursing clients in the event of damages caused by the intermediary.
Failing that, they must provide proof of professional liability insurance specifically allocated to the reimbursement of any funds they may temporarily hold.
Credit institutions that have granted a mandate to intermediaries in banking operations to hold funds on their behalf must exercise appropriate control over the existence and availability of the guarantee.
Natural intermediaries in banking operations and legal entities in banking operations not mandated to hold funds must provide proof of a guarantee established with a credit institution authorized in one of the CEMAC member states, for an amount set by instruction from the COBAC president. Failing that, they must provide proof of professional liability insurance covering the appropriate amount.
The minimum amount of the guarantee may be increased by COBAC, based on an assessment of the intermediary's volume of activity.