Commission Bancaire de l'Afrique Centrale

Created by the Convention ofOctober 16, 1990, the Central African Banking Commission (COBAC) is the supervisory body of all credit institutions and microfinance establishments of the Central African Economic and Monetary Community (CEMAC)

The Banking Commission, which is an organ of CEMAC, has the mission of ensuring the integrity of the banking system and guaranteeing its resilience. This is responsible for “ensuring compliance by credit institutions with the legislative and regulatory provisions decreed by the Authorities, by the Central Bank or by itself (…) and sanctioning any breaches noted”.

Following the creation of COBAC, the CEMAC States signed theJanuary 17, 1992the Convention on the harmonization of their banking regulations, a necessary prerequisite for the proper functioning of the sub-regional financial system. THEApril 13, 2002, the competences of COBAC were extended to microfinance establishments through the effect of regulation of the Ministerial Committee of the Central African Monetary Union (UMAC) No. 01/02/CEMAC/UMAC/COBAC/CM. And since27 mars 2015, financial holding companies were subject to the supervision of COBAC by Regulation No. 01/15/CEMAC/UMAC/COBAC/CM.

The COBAC, temporarily established in the BEAC premises in Libreville , is chaired by the Governor of the BEAC , replaced by the Vice-Governor. In addition to the President, the Commission has eleven commissioners, designated by the UMAC Ministerial Committee for their expertise in banking, financial or legal matters. The Commission meets at least twice a year and decisions are taken by a two-thirds majority of the votes cast.

A General Secretariat, headed by a Secretary General, himself assisted by a Deputy Secretary General, ensures administrative permanence.