Intermediary in Banking Operations : Ultimate Guide 2025

Intermediaries in Banking Operations (IOB) play a key role in the functioning of the financial system. By connecting credit institutions with clients, they facilitate access to banking products and services, thereby contributing to financial inclusion, the banking of populations, and the revitalization of the credit market. Their activity, although carried out without direct risk-taking, is strictly regulated to ensure the security of operations, the transparency of commercial relations, and the protection of users. Hence the need for prior authorization and rigorous criteria for access to the profession.

I- General Provisions:

In accordance with paragraph 2 of Article 43 of the Annex to the Convention of January 17, 1992 on the harmonization of banking regulations in the Central African States, an intermediary in banking operations is anyone who, as a habitual profession, brings together, without guaranteeing performance (ducroire), parties interested in a banking operation, at least one of whom is a credit institution. The activity of the intermediary in banking operations consists notably of presenting, proposing, or assisting in the conclusion of banking operations, or carrying out all preparatory work and advice for their execution. The banking operations covered include the receipt of public funds, the granting of credit, the issuance of guarantees in favor of other credit institutions, the provision to clients, and the management of means of payment.

II- Authorization to Exercise the Activity of Intermediary in Banking Operations:

The exercise of the profession of intermediary in banking operations is subject to the prior authorization of the Monetary Authority (Minister of Finance), issued after the concurring opinion of the Banking Commission. A copy of the said application, accompanied by the deposit receipt, is transmitted by the applicant to the Banking Commission, for informational purposes.

III- Application File for Prior Authorization to Exercise the Activity of Intermediary in Banking Operations:

a) For Intermediaries in Banking Operations that are Legal Entities:

– a copy of the company’s articles of association;

– the certified annual financial statements for the last three fiscal years, including balance sheets and income statements, as well as activity reports;

– a certificate of no tax arrears issued by the tax administration of the country of taxation;

– a certificate of no social security arrears issued by the social welfare organization;

– a certificate of non-bankruptcy or non-subjection to collective debt settlement proceedings for the company;

– a curriculum vitae written in French, duly dated and signed by the director;

– a certified true copy of an official identification document (national identity card or passport) valid for the director;

– two passport-sized photographs of the director;

– certified true copies of the director’s diplomas;

– certified true copies of the director’s employment certificates;

– a criminal record extract less than three months old, issued by the competent authorities of the director’s country of nationality and by those of the director’s country of residence;

– a sworn declaration by which the director certifies not to be subject to any of the prohibitions or incompatibilities provided for by the regulations in force;

– a certificate of no tax arrears issued by the tax administration of the director’s country of taxation;

– a certificate of non-bankruptcy or non-subjection to collective debt settlement proceedings for the director;

– the mandate agreement or draft mandate agreement between the intermediary and a credit institution, specifying the nature and conditions of the operations that the intermediary is authorized to carry out;

– proof of a financial guarantee compliant with the required amount;

– the detailed business plan of the envisaged operations and any partnerships concluded with CEMAC credit institutions;

– a description of the internal control system that the intermediary intends to implement to comply with its obligations, particularly regarding client identification, anti-money laundering and counter-terrorism financing, as well as risk management, especially for intermediaries authorized to hold client funds;

b) For Intermediaries in Banking Operations that are Natural Persons:

– a curriculum vitae written in French, duly dated and signed;

– a certified true copy of an official identification document (national identity card or passport) currently valid;

– two passport-sized photographs;

– certified true copies of diplomas;

– certified true copies of employment certificates;

– a criminal record extract less than three months old, issued by the competent authorities of the applicant’s country of nationality and by those of their country of residence;

– a sworn declaration by which the applicant certifies not to be subject to any of the prohibitions or incompatibilities provided for by the regulations in force;

– a valid residence permit for foreigners;

– a certificate of no tax arrears issued by the tax administration of the country of taxation;

– a certificate of non-bankruptcy or non-subjection to collective debt settlement proceedings;

– draft mandate agreement between the intermediary and a credit institution, specifying the nature and conditions of the operations that the intermediary is authorized to carry out;

– any document or piece of information allowing for the assessment of the intermediary’s financial situation and its capacity to ensure its development under appropriate risk management conditions;

– a detailed presentation note of the envisaged operations and any partnerships concluded with CEMAC credit institutions

– a description of the internal control system implemented by the intermediary to comply with its obligations, particularly regarding client identification and anti-money laundering and counter-terrorism financing.

IV- Regulatory Reference

For more information, please consult the regulations in force, particularly COBAC Regulation R-2023/02, relating to the conditions for exercising and controlling the activity of intermediary in banking operations within CEMAC.

DIRECTORATE GENERAL OF THE TREASURY, FINANCIAL AND MONETARY COOPERATION