In order to make banking more accessible to the average Cameroonian citizen, the Ministry of Finance has introduced the ‘guaranteed minimum banking service’. The measure is a golden opportunity for many young Cameroonians, who see it as a way to improve their living conditions. But opening a bank account is often a long and tedious process, with many obstacles.

By Anne-Mireille Nzouankeu, Yaoundé

In one of the banks in the Cameroonian capital, Yaoundé, about 20 people are queuing to open a bank account. Tinwouang Josué, 27, is one of them. When he reaches the customer services desk, Josué will have to provide a copy of his identification document. Moreover, he will have to fill in several forms with details of his economic activities as well as his sources of income. “I find it tedious,” the young man complains.

Difficulties
The forms are not the only obstacle for prospective bank account holders. Because of the heavy bank charges, less than 15 percent of Cameroonians have bank accounts in the country’s main banking institutions.

In order to popularise banking among Cameroonians, the Ministry of Finance has introduced the ‘guaranteed minimum banking service’; 15 banking services are now free of charge. The services include account opening an account, issuing of bank statements and passbooks, withdrawals at branches and ATMs, inter-account transfers, cheque transactions and change of address.

Banks are now only allowed to charge a maximum 5,000 CFA-francs (7.6 euros) fee for closing an account. But although the measure officially came into effect in July this year, people are still being charged. “I just noticed that I was charged for the account notifications I regularly receive on my phone. Every time I withdraw money from an ATM, the bank charges me approximately 3,000 CFA-francs (4.5 Euros),” says Christophe Mbappè.

Hope
Tinwouang Josué wants to start a small business. According to him, cancelling the bank charges, although not yet fully implemented, brings hope. “By keeping money at home, you risk it being stolen,” he says. “Furthermore, without a bank account, you would appear less credible in the eyes of your business partners.” For him, the abolition of some of the bank charges will be beneficial, as it enables him to save more.

“Money that is kept at home does not generate interest. Nowadays, banks are involved in almost all financial transactions,” says Elvis Sikeyou, explaining why he wants to open a bank account. “I will keep my savings in my account to help me secure a house loan,” he adds.

Steve Kengue can’t be bothered about the bank charges. “I took a car loan and the bank charged 10,000 CFA-francs (15 euros) for admin fees,” he says. “But I am nonetheless happy, because I wouldn’t have been able to obtain the loan without a bank account.”