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COBAC: 14 active banks are fined a total of 2.8 billion FCFA

12/10/2022
Categories: Companies

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For non-compliance with the new currency regulations, the Central African Banking Commission (COBAC) has sanctioned 14 banks operating in Cameroon that are being fined total of 2.8 billion CFA francs. The sanctions were imposed in respect of the year 2020 and are up by 32% in absolute terms compared to the fine of 1.9 billion FCFA imposed the previous year. The decision of the banking sector regulator in Central Africa has been confirmed by the Cameroonian Ministry of Finance, which notes various types of non-compliance.

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