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Cameroon – Finance: The community credit card to the six Member States of the CEMAC is officially launched

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Written by Deckson N.

The Groupement interbancaire monétique de l’Afrique centrale (Gimac) held on October 31, 2016 in Douala, the economic capital of Cameroon, the official launch of the Gimac interbank card.

This instrument is used to perform operations on other devices and ATMs of banks operating in six states of the CEMAC zone which are Cameroon, Congo, Gabon, Central African Republic, Chad and Equatorial Guinea.

This official launch, we learned, comes long after the commissioning of this card, which is operational since the first trimester of 2015. According to officials of the Gimac, this community bank card, currently used on the networks of twenty bank in the CEMAC zone has already helped to make transactions of about 5 billion francs CFA to date.

The transaction volume should be increased tenfold with the official launch of the card. For example, after the ceremony of Douala, the Banque internationale du Cameroun pour l’épargne et le crédit (BICEC), a subsidiary of the French group BPCE, immediately announced to its customers that it had 100 ATMs open to the Gimac network.

Moreover, if it participates in the financial integration of the countries of CEMAC zone, Gimac card enters a market where Visa and MasterCard already reign. From this point of view, the main challenge of Gimac lies in its ability to be able to find the right formula to this community bank card finds its way in an environment in which it is a newborn called to compete with adults.

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Deckson N.

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