Cashless transactions boost expected in Central Africa thanks to GIMAC
Clients of Central African banks will soon be able to withdraw cash from ATMs in any member country of the Central African Economic and Monetary Community.Clients of Central African banks will soon be able to withdraw cash from ATMs in any member country of the Central African Economic and Monetary Community (CEMAC).
The members (Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea and Gabon) have just signed an agreement to create the Central African Cashless Interbank Group (GIMAC).
"The benefit is clear, it is a tool to develop cashless transactions and make available the use of electronic payment cards to the general public in the sub region," Banque Atlantique Cameroun's Chief Executive Officer François-Xavier Tokpanou told
the Cameroon Tribune .
He added that the specificity of the GIMAC system is that it creates a sub-regional platform allowing a client from a bank in Cameroon to perform all transactions in a Congolese bank.
The objective of this project is to improve access to banking services by lowering costs and facilitating their use.
According to a 2010 study from the Bank of Central African States (BEAC), the average level of access to banking service in the CEMAC zone was seven percent, with a banking density of one bank counter for 68,384 people.
The BEAC plans to raise the rate of access to banking services in the sub region up to 20 percent within five years, partly through expanding the use of cashless transactions.