CEMAC: Launch of the Payment Systems Oversight Committee
The Committee will help contain the risks inherent to running payment systems.The Bank of Central African States (BEAC) has set up a Payment Systems Oversight Committee in the six CEMAC countries: Cameroon, Congo, Gabon, Central African Republic, Equatorial Guinea and Chad.
This committee has the task of ensuring compliance with the charter of conduct in terms of payment systems operations in the CEMAC zone.
According to the deputy chairman of the BEAC, Tahir Hamid Nguilin, quoted by Les Dépêches de Brazzaville, the committee will contribute to containing the risks inherent to running payment systems and will help reduce the occurrences of financial crises and potential systemic contagion.
"The speed at which a large amount of traded transactions is processed on our completely open-plan financial center constitute a real risk factor, which if not taken into account, could induce and transmit waves of shocks that could compromise the monetary and financial stability of the area."