Money and banking

The currency is the Central African CFA franc (XAF), issued by the Bank of Central African States. Its parity with the euro is fixed: 1 euro = 655.957 CFA francs.

The economy runs mainly on cash. Bank cards are accepted in large hotels and some large stores, rarely elsewhere.

The euro and the US dollar are the most widely accepted foreign currencies. Shops often require small notes, which can be hard to get.

Above 1 million CFA francs, currency and valuables must be declared to customs on entry and exit.

Transferring money out of Cameroon requires authorisation from the Ministry of Finance; bank transfers take time and incur fees.

Cash machines are rare outside large towns, and withdrawals from a foreign account can be expensive.

Fraud is common: avoid paying by card outside international hotel chains, do not use the post for banking, and be careful when checking your accounts online from Cameroon.

According to the World Bank (Global Findex, 2024 survey), 61% of adults have an account, at a bank or with mobile money, and 55% have a mobile money account (payments and transfers by phone). To open a mobile money account, ask the mobile operators which documents they require and what the fees are.