GIMAC payment card now available across CEMAC
This card allows users to withdraw cash and make payments.The payment card of the Interbank Payment Systems Group of Central Africa (GIMAC) is now officially available across the whole Economic and Monetary Community of Central Africa (CEMAC).
This card allows users to withdraw cash and make payments through electronic terminals in Cameroon, Congo, Gabon, Chad, Equatorial Guinea and CAR.
The GIMAC was created in 2012 to boost cashless transactions and make available the use of electronic payment cards to the general public in the region.
The specificity of the GIMAC system is that it creates a sub-regional platform allowing a client from a bank in Cameroon to perform any transaction at a Congolese bank.
This initiative aims at improving access to banking services in the region by easing their access and reducing costs.
The average banking rate in the CEMAC region is about seven per cent and the BEAC is looking to increase this rate to 20 per cent in five years, partly through expanding the use of cashless transactions.