(Business in Cameroon) – The CEMAC financial system is set to shift to a new unified payment messaging standard on 22 November 2025, following decisions taken at the 4th and 5th sessions of the Regional Committee for Financial Standardisation (CORENOFI). The meetings, held on Monday 17 November in Douala under the chairmanship of the Governor of the Bank of Central African States (BEAC), focused on advancing security and harmonisation in regional payment systems.
It brought together representatives from COBAC, COSUMAF, national treasuries, credit institutions, microfinance bodies, payment establishments and postal financial services. Opening the discussions, the Governor of BEAC Yvon Sana Bangui recalled CORENOFI’s role in developing and aligning technical norms and standards for payment systems within the Community.
He noted that the financial community continues to support the “modernisation and securing” of payment instruments across the sub-region. According to the Governor, the sessions offered an opportunity to consolidate progress made since CORENOFI was relaunched in 2021. Previous work included adopting norms on the interoperable QR code, automated processing of bills of exchange and automatic debit procedures.
The new stage concerns the adoption process for the ISO 20022 standard, which will become compulsory for financial institutions across the CEMAC zone from 22 November 2025. He described this shift as “a major issue for our financial ecosystem”. He added that the standard is viewed as a key tool for strengthening anti-money-laundering and counter-terrorism financing measures, enabling regional interoperability and supporting gradual integration into various Pan-African initiatives.
ISO 20022 is a globally recognized standard for electronic data interchange between financial institutions. It enables richer, more structured data in payment messages, which significantly improves transparency, compliance, and automation. For CEMAC, the adoption of ISO 20022 is reported to manifest in several tangible ways. First, it will allow for real-time payments and automated reconciliation, reducing errors and operational costs.
Second, it enhances the ability of financial institutions to detect and prevent fraud, money laundering, and terrorist financing by embedding more detailed information in each transaction. Third, it supports regional interoperability and aligns CEMAC with global financial systems, facilitating smoother cross-border transactions and integration into broader Pan-African initiatives such as the African Continental Free Trade Area (AfCFTA) and the Pan-African Payment and Settlement System (PAPSS).
Economically, the benefits of ISO 20022 for the CEMAC zone are substantial. According to the Bank for International Settlements (BIS), countries that have adopted ISO 20022 have seen improved payment system efficiency and reduced transaction costs, which can translate into broader financial inclusion and economic growth.
In the CEMAC context, this standard will help unify fragmented national systems, making it easier for businesses and consumers to transact across borders. This is particularly important for a region where intra-community trade reportedly remains underdeveloped. By reducing friction in cross-border payments, ISO 20022 can stimulate trade, attract foreign investment, and enhance the competitiveness of local financial institutions.
Additionally, the standard supports the development of open banking frameworks and financial Application Programming Interfaces, APIs, which are crucial for fostering innovation in digital financial services. Members of CORENOFI during the meeting also reviewed several technical documents such as Guide to Good Practices on Security, Data Protection and Privacy, the Guide to Good Practices for Account Opening and Recommendations on the development of financial APIs.
These frameworks will enable fintech’s and traditional banks to collaborate more effectively, offering tailored financial products to underserved populations and small businesses. In summary, the mandatory implementation of ISO 20022 across the CEMAC zone is more than a technical upgrade. It is a strategic move toward financial modernization, regional integration, and economic resilience.
Mercy Fosoh
