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Standard banking services: withdrawal charges outside ATMs and the GIMAC network have changed in all banks between 2021 and 2022, except at CBC and SCB

These are the findings of a recent report by the National Economic and Financial Committee (CNEF), published this week by the Ministry of Finance (Minfi), on changes in banking practices with regard to the pricing of financial services in 2022.

(EcoFinances) – Withdrawal charges outside ATMs and the GIMAC (Interbank Electronic Banking Group of Central Africa) network have changed in all banks in the country, except the CBC (Commercial Bank of Cameroon) and the SBC (Société Commerciale de Banque), according to the report by the National Economic and Financial Committee (CNEF) published this week, which looks at changes in banking practices in terms of the pricing of financial services between 2021 and 2022.

The document consulted by EcoFinances does not give any details of the reasons for this change, but it does state that Ecobank increased the fee for issuing a standard bank statement from FCFA 0 to FCFA 500 during the period under review. Apart from these cases, the other fees have remained unchanged.

« Between 2021 and 2022, the change in the amount of applicable fees was also characterised by relative stability. The fee for issuing a standard account statement at Ecobank rose from 0 to 500 CFA francs per page. Withdrawal charges outside the bank’s ATMs and outside the GIMAC network changed at all banks except CBC and SCB. Apart from these cases, the other charges remained unchanged », emphasises the CNEF report.

It adds: « On analysis, service charges vary from 0 to 1,600 CFA francs for account statements issued on request, from 1,000 to 8,500 CFA francs for transfers of less than 100 million CFA francs, from 300 to 500 CFA francs for similar transfers via online banking, and from 20,000 to 30,000 CFA francs for transfers of more than 100 million CFA francs ».

Card fees range from CFA F15,000 to CFA F50,400 per year for the Visa Classic card, and from CFA F15,000 to CFA F100,000 per year for the Visa Gold card.

According to the report, other charges range from CFA francs 400 to CFA francs 3,000 for withdrawals outside the bank’s ATMs and outside the GIMAC network, CFA francs 12,000 to CFA francs 32,500 per year for online banking subscriptions, and CFA francs 6,000 to CFA francs 24,000 per year for mobile banking subscriptions.

The same source reports that transfer fees from bank accounts to mobile money and vice versa vary between 1% and 2% of the amount of the transfer fee. Fees for selling Euros and Dollars vary between 3% and 5% of the amount of the sale, with a minimum charge of between 2,000 CFA francs and 6,250 CFA francs.

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