Any payment exceeding 500,000 CFA francs, or intended to settle a debt exceeding that amount in instalments, must be made by a payment method that debits an account held in the payer's name at a regulated institution in Cameroon.
The payment of wages and salaries in Cameroon is subject to the same conditions beyond an amount set by the Monetary Authority.
The amount mentioned above is increased to 1,000,000 CFA francs when the payment is made between private individuals who are not merchants.
Violation of the above provisions is punishable by a fine of 5% of the sums unduly paid in cash.
Any refusal to accept payment by electronic means is punishable by a fine equal to 5% of the amount of the refused payment.
THE RIGHT TO AN ACCOUNT IN CAMEROON
Any natural or legal person domiciled in Cameroon and a CEMAC member state and without a deposit account is entitled to open such an account at a regulated institution of their choice.
In the event of a refusal from at least three chosen institutions, the person may appeal to the Central Bank so that it may designate a regulated institution that is required to open a deposit account and provide, at a minimum, basic services related to deposit, withdrawal, and over-the-counter transfers, the processing of direct debit notices, and the issuance of any other withdrawal forms.
The provisions of the preceding paragraph apply when the applicant receives three successive refusals from the only regulated institution in their place of residence.
Any decision to close such an account initiated by the account holder cannot take effect less than 60 calendar days after the account holder has sent a written and reasoned notification of the decision to the client and to the Central Bank for information.
The provisions of this article also apply to individuals subject to banking or judicial bans.
The applicable operating fees for deposit accounts under the right to a bank account scheme are those for standard deposit accounts.
Applications to open a deposit account may be made in writing.
The institution concerned that refuses the application is required to provide the applicant with a written notice of refusal or to send it by registered letter with acknowledgment of receipt. The credit institution is not required to provide reasons for its refusal.
Every account opening requires the conclusion of a written account agreement between the institution concerned and its client. The account agreement sets out the reciprocal obligations of the institution concerned and its client.
When opening the account, the client, joint account holder, or authorized representative provides the institution concerned with their personal data, in accordance with the provisions of Article 226 of the Regulations.
They may access their personal data and have it corrected if necessary.
Opening a deposit account entitles the account holder to a withdrawal method.
The institution may issue the account holder check books, payment cards, or any other means of payment.
METHODS OF PAYMENT
"Means of payment": An instrument that allows any person to transfer funds by debiting an account held with a regulated institution. Means of payment include, but are not limited to: checks, bills of exchange, promissory notes, bank transfers, direct debits, payment cards, and electronic money.
The establishment subject to this requirement is obligated to inform, by any means leaving a written record, any person to whom it provides a means of payment, of the conditions of use thereof and of the penalties incurred in the event of misuse or fraudulent use.