Don’t Get Charged for Free Services: Your Guide to CEMAC’s Mandatory Free Banking Rules
Don’t Get Charged for Free Services: Your Guide to CEMAC’s Mandatory Free Banking Rules
Banking Smart This Holiday Season: Know What’s Free By Law in CEMAC
As the year winds down and the festive spirit fills the air, Cameroon welcomes home thousands from the diaspora—family reunions, year-end celebrations, and new beginnings. For many, this is also a time to sort out financial affairs: reactivating dormant accounts, updating identification details, subscribing to digital banking platforms, or even opening new accounts to manage holiday expenses and investments back home.
But in the rush and excitement, it’s easy to overlook a crucial detail: you should not be paying for basic banking services.
As a legal and corporate finance practitioner advising clients across the CEMAC region, I frequently encounter individuals and businesses who are unaware of their rights under existing banking regulations. This lack of awareness leads to unnecessary charges, eroded trust, and avoidable financial strain.
That’s why understanding COBAC Regulation R-2020/04 on the Guaranteed Minimum Banking Service is not just for lawyers or bankers—it’s for every consumer who uses a bank in Cameroon, Gabon, Equatorial Guinea, Congo, Chad, or the Central African Republic.
What This Regulation Means for You
This regulation is a consumer shield. It mandates that certain essential banking services must be provided free of charge. The list is specific, non-negotiable, and legally binding for all banks operating in the CEMAC zone.
So, whether you’re:
– Updating your phone number or ID card on your account,
– Receiving a transfer from abroad,
– Withdrawing cash at your bank’s ATM,
– Requesting an account statement,
– Or simply maintaining a basic account—
…these services are FREE by law.
The Complete List of 22 Free Services (Your Holiday Banking Checklist)
Keep this list handy when you visit your bank this season:
1. Opening an account
2. Account maintenance
3. Changing your personal details (name, ID, phone number)
4. Issuance of a Bank Identity Statement
5. Getting or renewing a savings passbook
6. Checking your account balance in-branch
7. Balance inquiry at your bank’s ATMs
8. SMS or email alerts for transactions
9. Monthly account statements (you can choose paper or electronic)
10. Annual summary of charges (on request)
11. Certificate of no debt (once a year or at account closure)
12. Salary domiciliation
13. Cash deposits at the counter
14. Withdrawal slips at the counter
15. 50 cheque leaves per year
16. Cash withdrawal at the counter
17. Cash withdrawal at your bank’s ATMs
18. Card payments within CEMAC
19. Paying by cheque
20. Cashing a cheque from another CEMAC bank
21. Internal transfers within the same bank
22. Receiving local, regional, or international transfers
If your bank charges you for any of these, they are in violation of CEMAC law.
Why This Matters Beyond the Individual
For investors, entrepreneurs, and businesses entering or operating in the CEMAC region, this regulation is a cornerstone of financial transparency and consumer protection. It reduces hidden costs, builds trust in the banking system, and creates a fairer playing field.
At Fonyam & Partners, we don’t just interpret these laws—we help our clients use them strategically. Whether you are:
– A diaspora member looking to invest in Cameroon,
– An entrepreneur setting up a company in the region,
– A business needing clarity on fiscal and legal obligations,
– Or a financial institution ensuring full compliance,
we provide tailored guidance that turns regulations into advantages.
Your Next Steps
This holiday, bank with confidence. Keep this list. Ask questions. Demand your rights.
And if you’re looking to formalize your business, structure an investment, or simply ensure your financial operations are fully compliant within CEMAC’s dynamic regulatory environment, let’s talk.
At Fonyam & Partners, under my leadership, we bridge law, tax, and finance to help you build and protect what matters—securely, smartly, and sustainably.
Season’s greetings, and here’s to banking smarter in 2026.
Banyong Fonyam Jonie Jr.
Managing Partner | Fonyam & Partners
Legal, Tax & Corporate Finance Advisory | CEMAC Region Specialist