Posted by: Armel | August 21, 2008

A Deposit Insurance System in the works for Central Africa Countries

                               

You might have noticed how often I’ve voiced my opinion on the structural mishaps facing African countries without a functioning Deposit Insurance System.

But I’m happy to share that I’ve been contacted with information & documentation showing that there is now a plan set in place for a Deposit Insurance System for bank customers of the CEMAC zone. The plan is being worked out among the central bankers (BEAC) and the regulatory branch of the Banking commission (COBAC). This will serve as the Deposit Insurance System for Cameroon, Gabon, Equatorial Guinea, Congo, Chad, and the Central African Republic.

This is really great news and hopefully once completed, the system would indeed inform “worried” banking clients about the safety measures at their disposal.

 Thanks “anonymous” for the tip and docs.

Armel Njeunou

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