(Business in Cameroon) – Banks in Cameroon posted CFA208.5 billion in net profit in 2024, 46% of Cemac’s total.
- Sector profits have risen 254% since 2020 amid network expansion and stronger margins.
- Growth driven by more bank branches and digital services boosting operations and revenues.
Cameroon’s banking sector has become increasingly profitable over the past five years, according to the 2024 report of the Central African Banking Commission (Cobac), the regulator for the Cemac zone. The cumulative net profit of credit institutions operating in Cameroon reached CFA208.5 billion in 2024, an annual increase of CFA23 billion. Cameroon alone accounts for 46% of total banking profit recorded across the Cemac region.
This is the first time that the sector has crossed the symbolic threshold of CFA200 billion. Over five years, growth has reached 254%: the combined net profit of Cameroonian banks was just CFA81.8 billion in 2020. This trajectory reflects a strong rebound in banking performance after the Covid-19 pandemic, a period marked by slowed economic activity.
A denser banking network and rising margins
The increase in banking profits in Cameroon stems from several factors: a steady expansion of the national network, higher banking margins, and tighter cost management. Between 2020 and 2024, the number of banks operating in the country rose from 15 to 19, reshaping the sector.
According to the National Economic and Financial Council and the Association of Credit Institutions of Cameroon (Apeccam), the network “added 22 new branches in 2021, bringing the number nationwide from 328 in 2020 to 353 in 2021,” before reaching 389 in 2022. This expansion supported deposit mobilization, credit activity, and overall transaction volumes.
At the same time, the digitalization of services contributed to rising margins. Cobac’s 2024 report notes that, aside from declining margins in leasing operations, banks in Cameroon recorded margin growth across all other activity categories in 2024: treasury and interbank operations, customer operations, and financial transactions. In several cases, margins increased significantly, strengthening the sector’s overall profitability.
BRM
