Currency exchange offices are authorised to recruit authorised agents to carry out, on their behalf and under their responsibility, manual currency exchange operations outside their agencies in Cameroon.
The acquisition of the status of authorised stockbroker is subject to the conclusion of a manual stockbroker’s agreement between the eligible person and the exchange office. For this purpose, the person shall provide the exchange office with the following documents:
- A cetified true copy of an official document attesting to his or her valid identity, in particular the national identity card, passport and residence card;
- An extract from the manager’s criminal record of less than three months’ age and issued by the competent authorities of the country of his nationality and, where applicable, the country of residence;
- Two passport photographs;
In addition, the file includes:
- The receipt of a bank guarantee deposit in the amount of 2,000,000 Fcfa;
- A letter of commitment stating that the exchange office is responsible for the acts performed by the authorised agent in the course of his activity;
- A copy of the contract between the authorised agent and the exchange office concerned;
- An indication of the city and location in which the agent is expected to operate.
The manual exchange mandate is intuitu personae. It may not be assigned.
The exchange offices shall communicate to the Central Bank on a quarterly basis the list of their authorized exchange agents, accompanied by their manual exchange mandate contracts.
In the context of the functioning of authorised agents, the principal exchange office shall take measures relating to their identification, security and the execution of their operations.
- Provisions relating to the Identification of Authorised Agents in Cameroon
The principal exchange office shall make available to their authorised change agents outfits marked on the back and front, in large letters, with the words “Agent de Change” and the company name.
Authorised stockbrokers shall be clearly identifiable by wearing uniforms meeting the characteristics listed in the law and badges issued by the principal exchange offices.
- Provisions relating to the security of the Authorised Stockbroker in Cameroon
The authorised stockbroker pays the currency to the principal exchange office as soon as its cash reaches the equivalent of 5,000,000 Fcfa, under penalty of termination of his manual stockbroker’s contract.
- Provisions relating to the execution of operations
Foreign exchange transactions carried out by authorised agents in Cameroon shall comply with the same conditions as those carried out at the counters of exchange office in Cameroon; in particular:
- The filing in of a slip provided by the exchange office;
- Proof of the origin of the funds;
- Compliance with the currency allocation thresholds provided for in the foreign exchange regulations;
- The justification for the operation.