Opening a bank account in Cameroon is very easy or straightforward. You could either walk into a bank to start your registration process, or you can register online and generate a bank account on the bank’s platform. Cameroon has a somewhat developed banking sector with plenty of choices.
List of Banks in Cameroon
Some of the known retail banks in Cameroon include:
- Afriland First Bank
- Atlantic Bank Cameroon (Banque Atlantique)
- Banque International du Cameroun pour l'Epargne et le Crédit (BICEC)
- BGFI Bank Cameroon
- SCB Cameroun
- Crédit Communautaire d'Afrique Bank (CCA Bank)
- Citibank
- Commercial Bank of Cameroon (CBC)
- Ecobank Cameroon
- United Bank for Africa (UBA)
- National Financial Credit Bank (NFCB)
- Société Commerciale de Banque du Cameroun - (Formerly SCB Credit Agricole)
- Societe Generale des Banques au Cameroun (SGBC)
- Standard Chartered Bank
- Union Bank of Cameroon (UBC)
Types of Bank Accounts in Cameroon
The type of bank accounts operated in Cameroon include
1. Savings Account
The savings account is mainly operated by many individuals who are primarily traders or low-income earners. It is an interest-bearing account with low interest. Opening a savings account requires little cash or no cash at all. The characteristics of a savings account are:
- Money can only be withdrawn occasionally if interest is to be paid
- It attracts a favorable interest rate
- Withdrawals cannot be made by another person on behalf of the customer.
2. Current Account
A current account is mainly used by business owners for business transactions, and a current account is accompanied by a checkbook. The characteristics of a current account are: the money deposited cannot be withdrawn until the duration elapses. Holders of the current accounts can obtain loans and overdrafts from the bank.
- Money can be withdrawn frequently.
- Holders of current accounts are not entitled to interest on savings.
- Customers are entitled to the use of a checkbook.
- Payment of commission is made by the customer to the bank
- Other people can withdraw money from the account on behalf of the customer
3. Fixed Deposit Account
Read: How to get a Visa Card or MasterCard online in Cameroon
Money into the fixed deposit account is stored for a while, usually a minimum period of 30 days and a maximum of 180 days. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested. The characteristics of a fixed deposit account include:
- Money is deposited and saved in the account for a specified period as chosen by the customer. A minimum period of 30 days and a maximum period of 180 days.
- It attracts a higher interest rate.
- A 7 days notice must be given before the withdrawal.
4. Joint Account
A joint account is opened by two or more individuals who are all signatories to the account, and no decision is made in this account without informing the other parties. The joint account is divided into two categories which are:
- Joint tenancy is mainly operated by married couples.
- Tenants-in-common is mostly run by business partners.
5. Corporate Account
A corporate account is an account opened by big corporations and multinationals. The corporate account is totally different from the other banking accounts because it is majorly opened for business purposes.
6. Domiciliary Account
A domiciliary account is opened to carry out foreign transactions. The account can transfer money to another country or receive foreign currency from other countries.
7. Non-resident Cameroonian Account
A Non-resident Cameroonian account is a bank account designed for Cameroonians living in the diaspora who want to operate a Cameroon bank account.
How to Open a Bank Account in Cameroon? (Procedure)
To open or create a bank account in Cameroon online or in the bank, the following steps should be taken:
- Choose a bank: There are multiple options for you to choose from in Cameroon. You can select any bank based on their services or the account maintenance fees.
- Prepare the documents: Different banks have different requirements based on the type of account you want to open. They include:
Savings account
To open a savings account in Cameroon, the following relevant documents should be provided:
- A government-issued ID card (driver’s license, international passport, national ID card, permanent voters card)
- A utility bill reflecting the customer’s residential address (Water or ENEO electricity bill)
- Two or three passport-sized photographs
Current account
To open a current account in Cameroon, the following relevant documents should be provided:
- A government-issued ID card (driver’s license, international passport, national ID card, permanent voters card)
- A utility bill reflecting the customer’s residential address (PHCN bill)
- Two or three passport-sized photographs
- Two referees must operate current accounts with the same bank.
- An initial deposit is to be made once served an account opening form
Opening of a bank account by a non-resident in Cameroon
Suppose you’re planning to open a Cameroonian bank account as a non-resident. In that case, you will need to provide a stack of paperwork, and sometimes a reference or employer letter will be provided.
In many cases, the bank will want one or two references to vouch for your good character, usually from people who already hold an account with that bank.
If you open an account to pay your salary, you’ll probably need an employer letter confirming you’re employed. The requirements include the following:
- Passport or another proof of ID such as a national identity card
- Application form and minimum account balance if relevant
- One passport photograph of authorized signatory
- One or two reference forms or an employer letter
- Recent proof of your address such as a water bill, rent receipt, or phone bill
- Residence permit proving you’re in the country legally
Opening a Corporate or Business Account in Cameroon
The requirement for opening a corporate account in Cameroon includes the following documents:
- Certificate of Incorporation
- Tax Identification Number (TIN)
- Valid IDs of Directors (photocopies)
- Passport photo of each account signatory
- Board Resolution
- Fill in the application form: An application form will be provided to you by the bank of your choice that must be filled out and submitted with all the required documents.
Make your first Bank deposit.
Although this may not be compulsory by all bank account types, you will need to make an initial deposit depending on the specification of your bank.
Cost of Creating or Opening a Bank Account in Cameroon
The cost of opening in Cameroon, in most cases, is free. Depending on the type of bank account created in Cameroon, the individual or entity may be asked to pay the sum of 10,000 XAF to 50,000 XAF as an initial deposit. This amount can be withdrawn at any time.
Conclusion
The bank you choose depends on many factors, such as the proximity of the bank to your location, interest rates, reputation, etc.
Banks have even made the process easy, and you do not need to go to the bank to create a bank account; it could be done from the comfort of your home using a short code or using online platforms.
Depending on the type of bank account you want to open, there is a wide array of available banks for you to choose from.
Read Also: Top Banks in Cameroon