Cameroon Launches BankCompar: A Step Toward Transparency in Loan Costs and Bank Fees
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Cameroon has unveiled BankCompar, a new digital platform designed to bring transparency to the country's banking sector by enabling consumers to compare bank charges and understand the true cost of credit. Launched on 20 June 2025 in Yaoundé by Pierre-Emmanuel Nkoa Ayissi, Secretary General of the National Economic and Financial Committee and BEAC's National Director for Cameroon, the tool aims to resolve widespread frustrations linked to unclear loan pricing and hidden fees. BankCompar not only compares service charges but also allows users to simulate the Effective Interest Rate (EIR)—the actual cost of borrowing once administrative fees, insurance, collateral demands, notary charges, and commissions are included.
This move follows growing criticism of opaque practices in Cameroon’s financial sector. A 2020 audit revealed that many banks failed to correctly apply BEAC’s formula for calculating the EIR, particularly on non-amortised products like overdrafts and guarantees. More troubling, some institutions omitted disclosing the EIR entirely or issued loans exceeding legal interest thresholds especially to vulnerable populations and SMEs. In response, the platform was developed to empower both individual borrowers and businesses with reliable tools to make informed financial decisions. For fintech entrepreneurs, financial educators, and app developers, BankCompar represents an opportunity to innovate with APIs, offer value-added financial advisory services, and build digital products that enhance access to transparent credit. It also opens the door for impact investment in consumer protection, financial literacy, and digital financial services.
