The Burkinabe banking group Coris Bank International (CBI), founded in 2008 by Idrissa Nassa, is preparing to expand its operations into Cameroon, thereby strengthening the country's banking sector. CBI has submitted an application to the banking regulatory authorities of Cameroon and the Central African Economic and Monetary Community (CEMAC), which includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic.
According to an authorized source at the Ministry of Finance, the application is under review. Before receiving approval from the Cameroonian Ministry of Finance, Coris Bank International must obtain prior authorization from the Banking Commission for Central Africa (COBAC), the banking regulatory body for the CEMAC zone. COBAC oversees banking activity and approves the appointments of managing directors and deputy managing directors of banks operating in the sub-region.
Since January 2025, COBAC has implemented a single approval process to facilitate the expansion of banks in CEMAC. Through this agreement, a banking group already approved in one CEMAC country can open branches in other member states after obtaining authorization from COBAC. This regulatory development is expected to simplify and accelerate Coris Bank International's entry into Cameroon, as the group already has a presence in Chad.
Coris Bank International is already anticipating the launch of its activities in Cameroon. Its headquarters in Ouagadougou recently hosted a launch meeting for the integration of the future Cameroonian subsidiary into Gimacpay, the interoperable platform of the Central African Electronic Banking Group (GIMAC). GIMAC interconnects banks, microfinance institutions, and Mobile Money operators in the CEMAC zone, enabling secure payments, transfers, and withdrawals of money, including cross-border transactions and payments via QR code.
The arrival of Coris Bank International would bring the number of banks operating in Cameroon to 20, thus diversifying the banking offer. This expansion would also strengthen Cameroon's position in the CEMAC banking system, where it already concentrates approximately 40% of the overall network. Thanks to this strong presence, the country regularly captures up to 60% of bank loans granted to economic actors in the sub-region, according to BEAC data.
In 2024, the cumulative net profit of banks operating in Cameroon exceeded 200 billion FCFA, an increase of 254% over five years. This significant growth in profits demonstrates the attractiveness of the Cameroonian market, despite the persistence of a significant volume of non-performing loans, which increased by 14.5% in 2024.
