A bureau de change is defined as an office managed or operated by financial intermediaries, whose primary activity is the physical exchange of one currency for another, taking into account the prevailing floating rates and its own remuneration policy. The exchange office, also known as a foreign exchange bank, may, in certain cases, be authorised to exchange euros, dollars, or other currencies, as well as coins or gold bars.
In Cameroon, private economic operators—both natural and legal persons who have their habitual residence in the country—are permitted to conduct manual foreign exchange operations, provided they obtain an authorization issued by the Monetary Authority (the Minister of Finance).
PERSONS SUBJECT TO APPROVAL IN THE AUTHORIZATION PROCESS FOR BUREAUX DE CHANGE/CURRENCY EXCHANGE OFFICES IN CAMEROON:
The partners who are natural persons controlling the legal entity approved as a money changer, along with those assuming its management, must be approved under the same conditions as individuals seeking individual approval.
ETHICAL AND PROFESSIONAL CAPACITY TO OPERATE A CURRENCY EXCHANGE OFFICE IN CAMEROON
Any individual seeking approval as a money changer must meet the following conditions:
– Must be of good character;
– Must not have a history of bankruptcy, criminal activity, theft, breach of trust, check fraud, or any violation of foreign exchange regulations;
– Must not be a dishonest debtor of the banking system;
– Must demonstrate professional experience in relevant areas such as management, economics, commerce, public relations, or marketing.
OPERATIONAL GUIDELINES TO OPERATE A CURRENCY EXCHANGE OFFICE IN CAMEROON:
To avoid sanctions stipulated by existing regulations, money changers are required to adhere to the following rules:
- Display the rates applied for the purchase and sale of currencies, as well as any commissions charged, distinguishing between various payment methods such as tickets and traveler’s checks.
- Issue a receipt for each transaction, retaining a duplicate that includes:
– Identification of the exchange office;
– Date of the transaction;
– Amount exchanged per currency;
– Exchange rate applied;
– Payment method used.
- Inform customers of the regulatory provisions governing the issuance and holding of foreign currency through posted notices.
- Maintain records indicating:
– Sums exchanged;
– Dates and purposes of transactions;
– Destination or origin of the capital;
– Currency purchase authorization numbers, where applicable, issued by the Ministry of Finance;
– Applied exchange rates.
- Monthly report to the General Directorate of the Treasury and Financial and Monetary Cooperation regarding its external position, categorized by currency, for balance of payment purposes.
- Ensure security and continuity of public service, notably by verifying customer identities.
- Notify the Monetary Authority in the event of opening a new counter with a simple declaration.
REQUIRED DOCUMENTS FOR BUREAU DE CHANGE APPROVAL (CURRENCY EXCHANGE OFFICE) IN CAMEROON:
The application file for authorization must include the following documents:
– A stamped application indicating the address and location of the exchange office;
– Registration number in the commercial register;
– A copy of the articles of association of the office being established;
– A valid taxpayer identification card;
– A copy of a birth certificate issued within the last three months;
– An extract from the criminal record dated within the last three months;
– Draft contracts or agreements with national or foreign banks to meet supply needs;
– Rules of procedure to ensure internal control;
– A bank certificate confirming a deposit payment of 50 million FCFA;
– A list of employed staff and their respective functions;
– Any other document that would enable the Monetary Authority to better assess the applicant’s case.
REGULATORY REFERENCES:
– Regulation No. 02/OO/CEMAC/UMAC/CM of April 29, 2000, harmonizing foreign exchange regulations in CEMAC member states.
– Order No. 194/MINEFI/FE of September 16, 1998, regarding the conditions for opening and operating manual exchange offices by private economic operators.
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