The banking system in Cameroon

If you have decided to settle in Cameroon, whether to work or set up a business, you will probably have to open a bank account. Procedures regarding opening a bank account in the country are not very complicated. However, these vary from one bank to another. Documents required for the opening of a personal savings or current account may be different. It is best to inquire directly with the concerned bank beforehand.

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Current account

In general, to open a current bank account in Cameroon, you will have to produce two 4x4 identity photos, proof of income such as your recent pay slips, proof of address and a certified copy of your passport or national identity card. Other documents may be requested, depending on the bank you have chosen.

Savings account

To open a savings account, most banks will request the following documents:

• at least two 4x4 pictures
• proof of income
• proof of address
• a deposit (varying according to the bank)
• a valid identity document (passport or identity card)
• a location plan.

Like in the case of the current account, other documents may also be requested. You are advised to inquire first with the concerned bank.

Check account

Individuals wishing to open a check account are required to produce the following documents:

• identification documents (passport or identity card)
• at least two 4x4 photos
• a deposit (varying from one bank to another).

Other documents may be requested according to the bank's policy.

Corporate account

Procedures regarding the opening of a corporate bank account differ according to the type of company you intend to set up and the type of bank account you wish to open. Moreover, the minimum capital required ranges between CFA 100,000 and CFA 5 million depending on the bank you have chosen.

In general, documents to be produced are:

• the commercial registration certificate (establishing the company's name and other details)
• your taxpayer's identification number
• your company's valid license
• recent financial reports
• passport type identity pictures.

Note that the bank will notify you if any other additional document is required.

Useful links:

International Bank of Cameroon for Savings and Credit www.bicec.com
Afriland First Bank www.afrilandfirstbank.com
Standard Chartered Bank of Cameroon www.sc.com
Union Bank of Cameroon www.unionbankcameroon.com
Citibank www.citibank.com
Eco Bank www.ecobank.com