Banks in Comoros

The Union Government has responsibility for banking and financial matters in Comoros; island governments do not supervise banks. The BCC licenses institutions, maintains the official register, supervises payment systems and enforces controls against money laundering and terrorist financing. Banking without BCC authorization is illegal. The BCC public list dated 10 December 2025 names BFC, BIC-Comores, Exim Bank Comores SA, SNPSF, BDC, the IFD networks URSA, USM, URGC and Union des MECK, MCTV, Telco Money SA, CASI and Hury Money SA. Institutions Financières Décentralisées (IFD) are decentralized financial institutions that provide financial services through local networks. The BCC annual classification for 2024 counted four banks, four IFD, three other financial institutions and one specialized financial company. Because names and classifications can change, the current BCC register is the reliable check before opening an account or sending money. Banks accept deposits and provide current, savings and term accounts, payment instruments, transfers, direct debits, cheques, cards, foreign exchange and credit. KMF is the only legal tender for domestic payments. Its fixed euro parity is 1 EUR to 491.96775 KMF, with unlimited convertibility and transferability within the franc zone. A legally resident individual or legal entity, whether permanently or temporarily resident, has a right to a deposit account. The account arrangement should be written and state how the account operates, how it closes and which penalties apply. The basic account framework includes account management, at least one secure payment instrument, transfers, direct debits, access to clearing and quarterly statements, together with a RIB or RIP account-identification reference. The provider decides which identity, registration and other customer-verification documents it requires. Repeated refusals can be referred to the BCC, which may designate a bank. Banks and other providers must apply customer-verification and anti-money-laundering controls. Providers must publish their general conditions and tariffs, but exact account, card and transfer fees remain provider-specific. Comoros has no single central tariff schedule for these services. A credit agreement must show its total effective rate, known as TEG, and the BCC sets a ceiling on excessive lending rates. Deposits are covered by a mandatory deposit-guarantee fund, with the deposits held at the BCC and indemnification available when deposits become unavailable. The applicable coverage limit and claim procedure require confirmation from the BCC. In 2024, total deposits reached 193.6 billion KMF, including 66.5 billion KMF held by private individuals. Transferable deposits reached 116.695 billion KMF, up 16.9%, while savings and term deposits reached 69.4 billion KMF, down 3.9%. The payment framework under Decree 15/026/PR covers cards, bills of exchange, promissory notes, transfers, direct debits and cheques. A cheque may be paid partially when the account lacks sufficient funds, and the minimum cheque amount is 10,000 KMF. A bank prohibition can follow cheque-related problems. The framework also promotes electronic payment methods and limits reliance on cash. Moroni has operated interbank paper clearing since 2006 under BCC management. The system handles cheques, transfers and unpaid instruments, with clearing sessions on working days but not on Saturdays, Sundays or public holidays. Since 23 April 2026, KomorPay and its automated transfer system have provided an ACH service for transfers below 10,000,000 KMF and dematerialized cheques, using batch processing and deferred net settlement. The RTGS service handles transfers above 10,000,000 KMF and urgent payments in real time. The BCC states average timing of the same day for transfers and one business day for cheques, although provider cut-off times and service conditions can affect an individual transaction. Listed participants include AFG, BPC, BDC, BFC, EXIM, MECK Moroni and Union des MECK. Payment cards are regulated by law, but availability is still being deployed progressively. Komor Switch covers cross-bank ATM cash withdrawals, instant transfers between banks and mobile-money accounts, and card or phone payments at merchants. The service available to a customer depends on the provider and island, so no blanket nationwide availability should be assumed. Mobile money is supplied through services including BDC Holo, Telco Money and Huri Money; the BCC public list records Hury Money SA. Services use mobile points, agents, sub-distributors and payment terminals. In 2024, electronic-money float reached 2.7 billion KMF, with 669,584 accounts and 195,141 active accounts, or 29.1%. The system recorded 5,458,040 transactions, more than 93% of which involved recharge, cash-in, cash-out or person-to-person transfers. Mobile-money providers may operate only within their licensed scope and must appear in the BCC register. Mali Ya Wakazi uses approved local merchants as agents for deposits, withdrawals and account opening. It provides a formal proximity-banking alternative, but national rollout and availability depend on the island and provider. Rural access remains uneven because of high access costs, collateral barriers and weak coverage. The 2024 reporting recorded 140 branches outside the headquarters area. Bank and IFD access together reached 39.23% of the population, while broader financial inclusion including banks, microfinance and electronic money reached 49.20%. The 2024 supervisory data covered nine regulated entities. Aggregate solvency was 15%, but only four of the nine entities met the 10% minimum cited by the BCC. Non-performing loans were 13.6% and provisioning was 59%, with concentration risk also reported. The BCC revised its resolution framework to include depositor preference and resolution financing. SOGAK is a specialized guarantee institution with capital of 300,000,000 KMF that supports access to credit. Check the BCC register before depositing money, transferring funds or using an online financial service. The BCC has warned about fake offshore authorities and unlicensed online banks. Cyber fraud and mobile-money scams remain practical risks. In 2025, cash-convoy incidents led to a temporary suspension of new sub-agencies and the creation of a security commission involving APBEF and the BCC. Keep the written account agreement, tariff, statements and transaction confirmations. Complaints can be directed to the provider and the BCC supervisory contact; an independent banking ombudsman or standardized complaint process has not been established in the available framework.