Private economic operators, natural or legal persons having their habitual residence in Cameroon, are entitled to carry out manual foreign exchange operations subject to obtaining an approval issued by the Monetary Authority (the Minister of Finance).

PERSONS SUBJECT TO APPROVAL

Partners who are natural persons having control of the legal person authorised as manual money changer and persons managing it must be authorised under the same conditions as natural persons authorised on an individual basis

CONDITIONS OF HONOURABILITY AND PROFESSIONAL CAPACITY

Any person wishing to obtain approval as a manual changer must meet the following conditions:

• Be of good morality ;
• Never have been convicted of bankruptcy, crime, theft, breach of trust, fraud, NSF cheque issuance or any other violation of foreign exchange regulations
• Provide proof of professional experience in the following fields: management, economics, commerce, public relations, marketing.

POWERING

Under penalty of penalties provided for by the regulations in force, money changers are required, in the course of their activity, to comply with the following rules

1) Display the rates charged for the purchase and sale of foreign currencies as well as the commissions charged, distinguishing between tickets, travellers’ cheques and other means of payment.

(2) At the time of purchase or sale, issue a receipt, two copies of which shall be kept by the seller, with the following information

• the identification of the exchange office ;
• the date of the transaction;
• the amount per currency exchanged;
• the value served;
• the payment method used.

3) Inform customers by means of displays of the regulatory provisions applicable to the issuance and holding of foreign currencies;

4) Maintain records tracing:

• the amounts exchanged ;
• the date. the reason and the destination or origin of the capital ;
• the number of the foreign exchange purchase authorization issued, where applicable, by the competent departments of the Ministry of Finance ,
• The exchange rates used.

5) Send a monthly statement of its international investment position by type of currency to the Directorate General of the Treasury. of Financial and Monetary Cooperation for the establishment of the Balance of Payments and for the purpose of clearing transactions carried out

6) Guarantee all conditions of security and continuity of public service, in particular by identifying customers.

7) In the event of the opening of a new counter, simply make a declaration to the Monetary Authority.

MAIN REGULATORY REFERENCES