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Business in Cameroon | Cameroon’s Finance Minister Louis Paul Motaze recently issued a strong warning to individuals engaged in unauthorized currency exchange. He raised concern over the growing spread of street-level trading, particularly in Yaoundé and Douala.
The minister noted that this illegal activity is being carried out by people who take over public spaces, especially areas in front of supermarkets and shopping centers, offering currency exchange services outside any legal or regulated framework.
In both cities, some individuals openly offer to exchange foreign currencies for CFA francs right on the street. The transactions are done by hand, usually using the going rates on international financial markets. This informal method is appealing to many users, who prefer it to the longer procedures and higher costs often found in banks.
But Minister Motaze stressed that these traders operate in total illegality, as they do not have official licenses to carry out currency exchange. He reminded the public of the risks involved. These include the possibility of receiving counterfeit money, becoming unknowingly involved in money laundering, or even financing terrorism.
“These practices harm the economy, damage the business climate, and tarnish the country’s image,” the minister said. He also cited regulations set by the Central African Economic and Monetary Community (CEMAC), which strictly ban any form of currency exchange without government approval. Violators face penalties that include a fine of up to CFA5 million and immediate seizure of the foreign currencies involved.
The minister urged all offenders to stop these illegal activities at once or face strict legal action.
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