Banks in the Republic of the Congo

In the Republic of the Congo, banks operate within the Central African Economic and Monetary Community (CEMAC) and use the BEAC CFA franc (CFA-Franc BEAC) (XAF). The Bank of Central African States (BEAC) is the central bank and operates central payment and settlement systems; the Central African Banking Commission (COBAC) supervises banks, compliance and sanctions. Since the regulation of 20 December 2024, a single authorization applies throughout CEMAC. As of 31 December 2024, ten active banks were recorded in the Republic of the Congo. They include BCI, BPC, BGFIBANK Congo, BSCA, Crédit du Congo, ECOBANK Congo, LCB and UBA, among others. Banks can be accessed through branches, ATMs (GAB/DAB), payment terminals (TPE), online banking and mobile applications. Services are concentrated particularly in Brazzaville and Pointe-Noire. BPC describes a nationwide network; BCI lists 14 branches, two business centers and 38 ATMs, as well as additional branches in Dolisie and Impfondo. For account opening, banks typically require a valid Congolese identity document or passport, two passport photos, proof of residence and a tax identification number (NIU), with proof of income where needed. Foreign customers usually need a residence permit and a passport. Common products include a current account (compte chèque) for everyday payments, a savings account (compte épargne), joint and business accounts, and term-deposit or guarantee accounts. Opening may be free; initial deposits and fees depend on the product and bank. BPC's published information on initial deposits conflicts: depending on the product page or FAQ, it gives 20,000 or 25,000 XAF. UBA gives 30,000 XAF. These amounts should be confirmed with the chosen branch before opening the account. A resident individual or legal entity without a deposit account may, after refusals by three banks, request BEAC to designate a bank. The basic services then include counter deposits, withdrawals and transfers; the required identity and anti-money-laundering checks still apply. The guaranteed minimum banking service (service bancaire minimum garanti) includes, among other things, free account opening and maintenance, a bank-account details statement (RIB) as proof of banking details, account access, a monthly statement, an annual fee summary, salary domiciliation, cash deposits and withdrawals, up to 50 cheque forms per day, and certain payments and transfers within CEMAC. The GIMACPAY payment service (GIMACPAY) connects cards, mobile wallets and bank accounts for transfers, merchant payments, code-based cash withdrawals and receipt of international transfers. According to the researched information, the GIMAC network includes 79 participants, 1,931,483 cards, 30 million mobile accounts, more than 1,500 ATMs and 1,354 payment terminals. The SYSTAC clearing system (SYSTAC) processes domestic and regional transfers and direct debits below 100,000,000 XAF; the stated processing time is 24 hours for transfers and direct debits and 48 hours for cheques. The SYGMA settlement system (SYGMA) handles larger payments in central-bank money in real time, finally and irrevocably. SWIFT is usually used for transfers outside CEMAC. Banks issue debit, prepaid, Visa, Mastercard and GIMAC cards. Use at ATMs, payment terminals, online and abroad depends on the card, bank, merchant network and contract and is not universally guaranteed. Deposits may be held as current, savings or term deposits. Because credit institutions are required to belong to the FOGADAC deposit-guarantee fund (FOGADAC), eligible deposits are protected up to a maximum of 5,000,000 XAF per beneficiary and credit institution; there is no blanket protection above that amount. Digital services range from balance and transaction inquiries to transfers, bill payments, top-ups and card management. UBA Mobile works with a UBA account or a prepaid Visa card, a Visa or Mastercard debit card, SMS notifications, a smartphone and internet access; the product information also states a minimum requirement of 500 XAF. BCI, BPC and Ecobank also offer online, mobile or POS services. Outages, telecommunications problems and interface errors can affect availability. For complaints, the bank should be contacted first, for example through BCI's complaint channels or the BPC call center at 2223. If the matter remains unresolved, CNEF mediation (CNEF) can be used. Customers must keep identity and anti-money-laundering information up to date and report lost cards, fraud and suspicious account activity without delay. Fees for cards, ATMs, mobile services and transfers depend on the bank; only services expressly covered by the guaranteed minimum service are free.