Credit Institutions and COBAC

ceRegulation COBAC R-2009/02 is a recent text that reinforces the legal space of the bank in Central Africa, previously set by the Banking Act”Convention of October 16, 1990”and, in some form, Regulation 02 / 08 CEMAC / UMAC / COBAC on the attribution of jurisdiction to COBAC for a categorization of credit institutions, their legal form, their minimum statutory capital and permitted activities.

The Banking Commission met on April 1, 2009 in Bata in Equatorial Guinea decide what might be called a crop, by doing little abstraction occurring bases OHADA.

The spirit of Article I of the regulation promotes the idea that credit institutions, central Africa, are organizations that perform other regular banking operations. These operations include receiving funds from the public, granting loans, issuing guarantees for other credit institutions and the provision of customer payment methods (art. 4 Annex to the Convention Douala).

Funds received from the public

The funds received from the public funds that are collected by a third person, such as filing, with the right to have his own behalf, but she was to return them.

However, it is stated in the regulation that “The funds received or retained by the account associated with the sponsors name or a partnership, the partners or shareholders at least 5 100 of share capital, directors, executive board and supervisory board or the managers and funds from equity loans “and” The funds that a company receives from its employees, except that they do not exceed 10 per 100 of its equity. To assess this threshold, it is not taken into account funds received from employees under special laws, are not funds received from the public.

Credit operations

These are acts by which a person is acting for consideration or promises to provide another person or takes the benefit of it, a commitment by signing such an endorsement, bond or security. In addition, Article 3 paragraph 2 states “are treated as credit transactions leasing and, in general, any operation lease with an option to purchase.”

Payment methods

Broad concept: a method of payment with paper or magnetic, or any computer system or telematics, as meaning any instrument equivalent to the transfer of funds.

In any event, we began to see a broader approach in space COBAC because “are considered as means of payment, all the instruments, which, whatever the medium or technical procedure used, enable any person to transfer funds” Article 4 Regulation), which elements we will not fail to join the award credit and issuing guarantees on behalf of other credit institutions, which were already included in the annex to the agreement of Douala.

Licensed Activities

Certain financial activities, which are intended to develop aspects, related to, fewer banking monopoly that exists in the three listed above.

Besides, the system provides a panel COBAC comprehensive measures acting as activities that are related seem so manifest, that can perform the authorized credit institutions. There are:

  1. _ the foreign exchange;
  2. _ trading in gold, precious metals and coins;
  3. _ the hiring compartment safes;
  4. _ the offering, subscription, purchase, management, custody and sale of securities and any financial product;
  5. _ The advice and assistance in asset management or financial, financial engineering, and in general all services to facilitate the creation and enterprise development, subject to the laws relating to the illegal practice of some profession;
  6. _ the operating lease of movable or immovable for establishments to carry out leasing operations.


In all cases, credit institutions can not take or hold interests in companies and habitually act on any activity other than mentioned in its provisions (Article 1 to 4), under the conditions defined by the Commission Regulation bank that will set a maximum level of these operations.

Legal form

Under the provisions of the OHADA Uniform Act on the law of commercial companies and economic interest groups, all credit institutions must be established as Legal Corporation with a board of directors, except to be a branch of credit institution, which Headquartered outside of space COBAC .

Credit institutions

In all reports, credit institutions are classified as part of their accreditation as universal banks, specialized banks, financial institutions or financial companies.

Universal banks are banks, authorized generally to receive any funds from the public and they do all banking operations or related ones say, then no banking at all, under the conditions defined in Article 6 of Regulation.

Specialized banks as well, banks, receive any funds from the public with a narrow field of activity according to the spirit of the text. Their activities are limited by the decision of approval or statutory provisions, legislative, regulatory capital.

Financial firms are more financial institutions, receive funding from public view and within two years of term, their activities are financed by equity or those borrowed from other banks or the capital market. Banking transactions made by them, should they comply with the approval or any text on them?

Specialized financial institutions are financial institutions, but cannot receive funds from public view and within two years of term. Moreover, their mission is of public interest as decided by the National Authority, in this way to finance their activities and operations of banking or related documents are governed by so-called ad hoc in the narrow sense of respect banking regulations.

Currently, this description corresponds to what can be a real piece chosen the Banking Act of 1992, yet this is, on balance, an updating of the legal database that exists on the subject, since its entry in force since 1 June 2009, a few months ago, has the purpose to consolidate the Banking Act.

The drafters of the law COBAC without the risk of sounding simplistic, were so compelling, kept extending the series of activities, the legal and institutional categories as indicated at the outset the Annex to the Convention Douala 1992 on the harmonization of banking regulation, to avoid falling into grotesque abstractions developed to feed a superfluity legal due to the endless extension of the provisions.

The probability of fluctuation legislative or regulatory, apparently in close affiliation with the public in community banks, could in no case fossoyer in his mind this principle as stated in the Convention itself Douala, then the regulation R-2009/02 object of the demonstration.