The information was made public at the end of the Execuitive Board meeting that was held on June 13 in Yaounde.
It’s a new dawn for Crédit Communautaire d’Afrique. The financial institution migrates from a microfinance to a bank. This is one of the main information to retain from the institution’s Executive Board meeting held on June 13 at the Headquarters in Yaoundé.
This change comes 15 months after the approval issued by the Central African Banking Commission (Cobac) on March 20, 2017. Following COBAC’s approval , the Ministry of Finance has granted company the license to operate as a bank whose total balance sheet amounts to XAF 182 billion.
It should be noted that this change of status induces a certain number of reforms beginning with its denomination. CCA is henceforth known as CCA-Bank. It will thus access the Central Bank, including the various money market desks of the Cemac zone, where all banks in the sub-region make cash investments, as well as the public securities market. Also, CCA-Bank cheques will be directly compensated on the central platform. Transfers to CCA-Bank customers will be made without intermediaries. This for example will spare days to the profit of the customers, pensioners, state providers, among others. It should also be noted that the issuance of securities and unauthorized certificates to microfinance institutions will therefore be possible in accompanying customers.
On the international scene, the 450,000-client bank will now be able to support its customers dealing in imports and exports in their various transactions. Like the opening and confirmation of documentary credits, the issuance of letters of credit and bonds, the domiciliation of their export revenues and the mobilization of documents, the repatriation of funds, money transfers, to name only these services.
To ensure the best quality service, the Bank with 42 branches in the territory has taken many measures.
"Steps are being taken at all levels to improve the quality service in order to remain efficient both commercially and financially," says André Alexis Megudjou, Deputy General Manager.
For the records, CCA-Bank was created in 1997. It is only a year later that it will effectively kick-off its activities as a Savings and Credit Cooperative. The latter will become a second-class microfinance institution in 2001, before becoming a Bank in 2018. With CCA-Bank, Cameroon now counts fifteen (15) banks. - The Board of Directors has ratified the change of name following the approval by the Minister of Finance.