COBAC

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COBAC, the Central African Banking Commission, is a supranational bank supervisor created in 1993 and based in Libreville, Gabon. It is part of the Bank of Central African States (BEAC) and serves as the single banking supervisor for the six CEMAC countries: Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo.

History: In October 1990, the member states pooled their banking supervision and created COBAC within BEAC. On 17 January 1992, they harmonized banking regulation, paving the way for COBAC’s establishment in January 1993. The commission is chaired by the BEAC Governor and run by a permanent secretary-general.

In late 2011, COBAC moved from Yaoundé to Libreville. That year, a common deposit insurance fund, FOGADAC, came into force. However, a full banking union has not yet formed, because crisis management costs remain at the national level.

On 1 January 2025, COBAC will allow CEMAC banks to open branches in all six CEMAC countries with a single authorization.