HOW TO OPEN A BANK ACCOUNT IN CAMEROON [New Version 2023]

The type of bank accounts operated in Cameroon includes:

Savings Account
Current Account
Fixed Deposit Account
Joint Account
Corporate Account
Domiciliary Account
Non-resident Cameroonian Account

To open or create a bank account in Cameroon, 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 the 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 out and submitted with all the required documents.

Make your first Bank deposit.
Although this may not be compulsory for 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.
This article was written by ‘JUNIOR ANGABUA CHUO ANGABUA ESQ. LL.B, Dip Computer, BL, & AAIADR.
A Legal Practitioner and expert in business & compliance law, Maritime law, Insurance, International Trade, and Ship Brokerage, and Founder and Lead counsel of Prime Time Law offices.

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