Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 8/6/2019

Importers and exporters use internationally accepted methods of settlement.  Due to pervasive credit risks -- even in the banking and public sectors -- many U.S. firms exporting to Cameroon insist on irrevocable letters of credit drawn on banks with strong foreign partners.

Cameroon's payments system is part of the CEMAC system.  The system consists of two parts: clearing centers at the level of the Bank of Central African States (BEAC) branches for high-volume, small-value payments and settlement through regional BEAC current accounts for large value payments.  There are currently no sub-regional (for CEMAC countries) clearing organizations.  The central bank executes transfer orders of account holders on its books within the CEMAC zone and abroad.  In 2008, the central bank implemented a regional payments system that incorporates electronic bulk payment clearing.  Although the BEAC uses the SWIFT network, there are administrative delays in the international transfers it processes, and some banks use alternative routes to transfer funds to and from their correspondent accounts; individuals often avail themselves of services provided by nonbanks, such as Western Union.

Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.