Coris Bank International has begun the process of entering Cameroon’s banking market, signaling a new expansion step for the Burkina Faso-based group in Central Africa.
Founded in 2008 by Idrissa Nassa, the bank has submitted its application to regulators in Cameroon and across the CEMAC region, which includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic. A source at the Ministry of Finance confirmed that the request has only recently been filed.
Under current regulations, Coris Bank will need prior approval from the Central African Banking Commission (COBAC) before it can secure clearance from Cameroon’s Ministry of Finance. COBAC oversees banking activity in the region and also approves senior executive appointments within banks.
Since January 1, 2025, COBAC has introduced a single licensing framework to facilitate cross-border expansion. Under this system, a bank already licensed in one CEMAC country can open branches in other member states, subject to COBAC approval. Coris Bank, which is already present in Chad, is therefore eligible to extend its operations into Cameroon under this framework.
The group appears confident about the outcome of its application. According to sources, its headquarters in Ouagadougou recently hosted a meeting to begin integrating its future Cameroonian subsidiary into Gimacpay, the interoperable payments platform operated by the Central African Interbank Monetary Group (Gimac).
Cameroon remains the region’s largest banking market
Gimacpay connects banks, microfinance institutions, and mobile money operators across CEMAC, enabling secure payments, transfers, and withdrawals. The platform also supports cross-border transactions and QR code payments across different operators.
If approved, Coris Bank’s entry would bring the number of banks operating in Cameroon to 20, further diversifying the market. It would also reinforce the country’s central role in the CEMAC banking system.
Cameroon already accounts for about 40% of the region’s banking network. It consistently captures up to 60% of total bank lending to economic agents in the subregion, according to data from the Bank of Central African States (BEAC).
The same data shows that the combined net profit of banks operating in Cameroon exceeded CFA200 billion in 2024, up 254% over five years. This strong growth continues to attract new entrants, even as rising non-performing loans—up 14.5% in 2024—remain a concern for the sector.
Brice R. Mbodiam
