From time immemorial, humans have practiced different forms of banking to meet the needs of the times. As time evolves, the need for more structured banking systems has greatly increased. There is no right bank for everybody, your choice of bank has a lot to do with your individual preferences. Despite many banks tailoring their products to solve the problem of accessibility, affordability and even sustainability, only about 10% of adults in Cameroon are banked with 0.4% using someone else’s bank account.
Here is a list of ten popular banks in Cameroon in no specific order. For more information on any bank, please click the link to its official website.
1. Afriland first bank
Afriland first bank is not just one of the safest banks where you can deposit your money. It also has subsidiaries in a good number of African countries with products and services ranging from loans, POS, flashcards, online banking through transfer.
2. Commercial Bank of Cameroon
Commercial Bank Cameroon commonly referred to as CBC, which goes by the slogan “let’s build the future” has a very moderate account opening fee and interest rates on loans. It supports internet and mobile banking with the possibility of account creation being done online. Being accessible from Chad, the Central African Republic, Equatorial Guinea, and Sao Tome, CBC offers a 5.25% interest rate.
3. United Bank for Africa (UBA)
With just 15,000FCFCA you can become an account holder with UBA as well as enjoy 3.15% interest rate. The bank is widely spread across Africa making a strong presence on the African continent. Amidst well-tailored banking products and services, UBA also does exchange of currencies.
4. Banque Atlantique Cameroun
Mostly found in French African countries, Banque Atlantique provides clients with account flexibility through savings, checking, and fixed deposit accounts as well as a wide variety of bank cards to choose from. Bank Atlantique offers a 4.5% interest rate to its clients.
5. Ecobank Cameroon
Aside being heavily present in over 36 African countries, Ecobank provides a variety of bank cards comprising: debit cards, prepaid cards, PAC cards, Visa cards, master cards, virtual cards as well as gift cards. This Pan African Bank offers you a 3.5% interest rate.
6. Société Générale Cameroun
London-based reference magazine Global Banking and Finance Review’s best Corporate Bank and Best Retail Bank Cameroon 2019 SGC, is an affiliate of French multinational investment bank and financial services company. Present in Cameroon for five decades with over 38 branches, SGC is committed to providing large and medium-sized companies, professionals, institutions, associations and individuals with quality, flexible and innovative products tailored to their needs.
7. Crédit Communautaire d'Afrique Bank
Aside being known for rapid cash transfer, CCA also offers remote and E-banking services to her clients to meet their needs. It also gives room for checking, savings and retirement accounts.
8. National Financial Credit Bank
Amidst making life easy by providing her clients with the possibility to do transfers, NFC also offers bill payments and other debit related activities. They also offer a student package that consist of free account opening and mobile banking, SMS banking and ATM cards at exceptional student prices.
9. CitiBank Cameroon
CitiBank is an international bank with top-notch customer services which offers a 5.6% interest rate. Founded since 1812 in New York, they have a variety of ATM cards to facilitate withdrawals.
10. Banque International du Cameroun pour l'Epargne et le Crédit (BICEC)
A subsidiary of the BCP Group with more than 380,000 clients and 37 branches, BICEC is one of the main banking networks in Cameroon. BICEC holds a leadership position both at the level of large companies and civil servants. Almost one in two civil servants is an exclusive client of BICEC. BICEC has all the assets that are useful for your development: proximity, expertise, and financial strength.
It is worth noting that banks have different parameters of calculating interests which is best known to them. Beyond interest rates, ease of deposit and withdrawal, ATM fees, branch availability, customer service, bank fees, and availability for international transactions are some recommended parameters that should be watched out for when looking for a choice bank. Feel free to drop other bank recommendations and experiences in the comment section. BESTech does not subscribe to the authenticity of the data above though efforts have been made to collect the data as accurately as possible. Please use the data only as a source of reference. We hope you were enriched by this piece. Thank you for reading and until next time, BESTech remains your BEST bet.