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Cameroon: Gimac Bans Circulation of Proprietary Bank Cards in Cemac Zones

bank card
Bank Cards in Cemac zones to change usage procedure

All cards issued by banks in the CEMAC region that can only be used at ATMs or payment terminals of the issuing banks, also known as proprietary cards, are officially withdrawn from circulation as from 30th June 2022.

This is due to the entry of the migration of all proprietary cards to the Gimac card (Groupement interbancaire monétique de l’Afrique centrale), which enshrines the interoperability and interbanking of payment systems in the CEMAC zone.

The deadline initially set for 31 March 2019 was not met by a number of institutions in the sub-region. In order to achieve this important objective, Gimac was obliged to set a new non-derogatory deadline of 30 June 2022, after several derogations.  It should be noted that this operation is also accompanied by the dumping of all transactions carried out in the sub-region by international cards  issued in the Cemac zone, in the processing and clearing in FCFA of the GimacPay platform“, explains Valentin Mbozo’o, Gimac’s General Manager.

The withdrawal of the banks’ private cards from circulation and their replacement by Gimac cards exclusively is the culmination of the financial integration process underway in the Cemac zone, which had already led to the launch of two major platforms by the central bank a few years ago.

These are the Automated Large Value Payment System and the Central African Teleclearing System. These tools allow for the efficient tracking of all financial flows within and outside the community.

mm Published on 01.08.2022

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