Express Union subjects henceforth to COBAC oversight

Within the framework of implementation of regulation n°01/15/Cemac/Umac/Cobac, relating to the supervision of financial holding companies and cross-border monitoring, the Deputy Secretary General of the Central African Banking Commission (COBAC) Christian Ouanzin, recently organised a workshop in Libreville, bringing together Express Union Group and its affiliates.

He stated that it is a question of including Cameroonian microfinance, financial holding companies in the Economic and Monetary Union of Central Africa (CEMAC), and holders of five microfinance affiliates in the area (Cameroon, Central Africa Republic, Congo, Gabon and in Chad), in the scope of establishments subject to monitoring on COBAC's consolidated basis.

Christian Ouanzin also specified that apart from affiliates of CEMAC, those of electronic money located in Côte d'Ivoire (Qash services) and in the Democratic Republic of Congo are being placed under an organ of banking supervision. He invited the representatives of the holding company to a genuine collaboration with COBAC, in order to have a better understanding of the Express Union Group in its entirety and a better assessment of its risk profile.

Express Union is a Cameroonian financial company created in 1997 with its headquarters in Yaoundé. Initially, it specialised in rapid money transfers and its scope of activity is within Cameroon where it is market leader. Since 2006, the company obtained authorisation from COBAC and the Cameroonian Ministry of Finance to create a second category microfinance structure.