Launch of a new common bank card across the six countries of the CEMAC
The card will be launched on January 29th, 2016.A common bank card available across the six countries of the Economic and Monetary Community of Central Africa (CEMAC) will be launched on January 29th, Valentin Mbozo'o, director of the Interbank Payment Systems Group of Central Africa (GIMAC), told the Quotidien de l’Economie.
This card will allow users to withdraw cash and make payments through electronic terminals in Cameroon, Congo, Gabon, Chad, Equatorial Guinea and CAR.
Approximately 250,000 cards were commissioned late December 2015 by the banks already certified, said Mr Mbozo'o, adding that the International Bank of Cameroon for Savings and Credit (Bicec), the Commercial Bank Chad (CBT) and Ecobank Cameroon are already in pre production.
"With a dozen banks already operational on the Gimac platform and more than a dozen other banks to be integrated from January 2016, the Gimac is aiming to complete the development of the interbank electronic payment ecosystem in the sub-region this year," said Valentin Mbozo'o.
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.