How To Create A Bank Account In Cameroon

How to create a bank account in Cameroon. In this post we will guide you through the process of creating a bank account in Cameroon. We will discuss the various types of bank accounts and how to create them respectively.

Types Of Bank Accounts In Cameroon
The type of bank accounts operated in Cameroon include;

Savings Account

The savings account is mainly operated by many individuals who are primarily traders or low-income earners. It is an interest-bearing account with low interest. Opening a savings account requires little cash or no cash at all. The characteristics of a savings account are:

Money can only be withdrawn occasionally if interest is to be paid
It attracts a favorable interest rate
Withdrawals cannot be made by another person on behalf of the customer.

Current Account

A current account is mainly used by business owners for business transactions, and a current account is accompanied by a checkbook. The money deposited cannot be withdrawn until the duration elapses. Holders of the current accounts can obtain loans and overdrafts from the bank. The characteristics of a current account are:

Money can be withdrawn frequently.

Holders of current accounts are not entitled to interest on savings.

Customers are entitled to the use of a checkbook.

Payment of commission is made by the customer to the bank

Other people can withdraw money from the account on behalf of the customer

Fixed Deposit Account

Read: How to get a Visa Card or MasterCard online in Cameroon

Money into the fixed deposit account is stored for a while, usually a minimum period of 30 days and a maximum period of 180 days. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested. The characteristics of a fixed deposit account include:

Money is deposited and saved in the account for a specified period of time as chosen by the customer. A minimum period of 30 days and a maximum period of 180 days.

It attracts a higher interest rate.

A 7 days notice must be given before the withdrawal.

Joint Account

A joint account is opened by two or more individuals who are all signatories to the account, and no decision is made in this account without informing the other parties. The joint account is divided into two categories which are:

Joint tenancy is mostly operated by married couples.

Tenants-in-common mostly operated by business partners.

Corporate Account

A corporate account is an account opened by big corporations and multinationals. The corporate account is totally different from the other banking accounts because it is majorly opened for business purposes.

Domiciliary Account

A domiciliary account is opened to carry out foreign transactions. The account can be used to transfer money to another country or receive foreign currency from other countries.

Non-resident Cameroonian Account

A Non-resident Cameroonian account is a bank account designed for Cameroonians living in the diaspora who want to operate a Cameroon bank account.

How To Open A Bank Account In Cameroon
To open or create a bank account in Cameroon online or in the bank, the following steps should be taken:

Choose a bank: In Cameroon, there are multiple options for you to choose from. You can select any bank of your choice based on their services or the account maintenance fees.
Prepare the documents: Different banks have different requirements based on the type of account you want to open. They include:
Savings account

To open a savings account in Cameroon, the following relevant documents should be provided:

To open a current account in Cameroon, the following relevant documents should be provided:

A government-issued ID card (driver’s license, international passport, national ID card, permanent voters card)
A utility bill reflecting the customer’s residential address (PHCN bill)
Two or three passport-sized photographs
Two referees must operate current accounts with the same bank.
An initial deposit is to be made once served an account opening form
Opening Of A Bank Account By A Non-Resident In Cameroon
If you’re planning to open a Cameroonian bank account as a non-resident, you will need to provide a stack of paperwork, and sometimes a reference or employer letter will be provided too.

In many cases, the bank will want one or two references to vouch for your good character, usually from people who already hold an account with that bank.

If you are opening an account to pay your salary, you’ll probably need an employer letter confirming you’re employed. The requirements include the following:

Passport or another proof of ID such as a national identity card
Application form and minimum account balance if relevant
One passport photograph of authorized signatory
One or two reference forms or an employer letter
Recent proof of your address such as a water bill, rent receipt, or phone bill
Residence permit proving you’re in the country legally
Opening A Corporate Or Business Account In Cameroon
The requirement for opening a corporate account in Cameroon includes the following documents:

Certificate of Incorporation
Tax Identification Number (TIN)
Valid IDs of Directors (photocopies)
Passport photo of each account signatory
Board Resolution
Fill in the application form: An application form will be provided to you by the bank of your choice that must be filled and submitted with all the required documents.
Make your first Bank deposit.

Although this may not be compulsory by all bank account types, you will need to make an initial deposit depending on the specification of your bank.

Cost Of Creating Or Opening A Bank Account In Cameroon
The cost of opening in Cameroon, in most cases, is free. Depending on the type of bank account to be created in Cameroon, the individual or entity may be asked to pay the sum of 10,000 XAF to 50,000 XAF as an initial deposit. This amount can be withdrawn at any time.

Conclusion

The bank you choose depends on many factors, such as the proximity of the bank to your location, interest rates, reputation, etc.

Banks have even made the process easy, and you do not need to go to the bank to create a bank account; it could be done from the comfort of your home using a short code or using online platforms.

Depending on the type of bank account you want to open, there is a wide array of available banks for you to choose from.