Where navigating banking tariffs can feel like decoding a secret language, BankCompar is changing the game.
Launched by the National Economic and Financial Committee (CNEF) of Cameroon, BankCompar is a public, digital tool that enables everyday users to compare bank fees and loan costs across institutions. It’s not just a website, it’s a bold step toward making the banking system more transparent, competitive, and user-centered.
Why BankCompar Exists
For years, Cameroonian banking customers struggled with limited visibility into how much they were being charged and few tools to hold institutions accountable. Fee structures were often buried in dense documents, inconsistently presented across banks, and rarely explained clearly to clients.
The launch of BankCompar marks a decisive regulatory response to these longstanding challenges. It arrives at a time when consumers still report high fees, unclear interest rates, limited service accessibility, and poor customer care from some banks. Regional policies by CEMAC and COBAC have pushed for more accountability, but until now, the average consumer lacked a simple, accessible way to compare services and costs.
What You Can Do with BankCompar
Available at bankcompar.cm, the platform allows users to:
- Compare up to four banks at a time across 17 everyday services from ATM withdrawals to online transfers and mobile banking fees.
- Check current pricing for:
- ATM withdrawals outside your bank’s network
- Account statement requests
- Domestic transfers (online and at the branch)
- Visa and Mastercard subscriptions (Classic and Gold)
- ATM withdrawals outside your bank’s network
- View average interest rates (TEG/APR) across various loan types
- Use a built-in simulator to estimate the real cost of credit before borrowing
All data is sourced directly from each institution’s published tariff schedule and updated quarterly. Notably, these figures represent maximum charges, meaning actual rates may vary based on customer profiles or promotional offers.
The tool is grounded in regulatory frameworks that promote fairness and accessibility in financial services. For example, Order No. 000005-MINFI of January 13, 2011, identifies 11 core banking services that must be offered free of charge. COBAC Regulation R-2020/04 expands this guarantee across the CEMAC zone, ensuring all consumers have access to essential banking functions.BankCompar reinforces these broader efforts to standardize access, increase transparency, and support informed consumer choice.
Regulated. Neutral. Free.
Unlike commercial price-comparison platforms, BankCompar is a neutral public initiative. It was developed by CNEF, under the authority of BEAC (the Bank of Central African States), as part of a regional push to improve transparency in financial ecosystems.
This effort draws inspiration from Directive No. 06/11-UEAC-190-CM-22 on transparency and good governance, which:
- Establishes a Code of Transparency in public financial management;
- Encourages the regular publication of financial data, public accountability, and citizen access to information;
- Although originally focused on public finance, the directive has set the tone for broader transparency practices, now extending to the banking and financial sector.
In that spirit, BankCompar reflects a shift toward openness, helping to bridge the information gap between financial institutions and their customers.
Who Should Use BankCompar?
- Every day, consumers choosing where to bank
- Entrepreneurs and SMEs evaluating financing costs and services
- Policy experts, researchers, and journalists tracking banking reform and financial inclusion
- Fintech platforms looking to benchmark local pricing for integration into their tools or services
A Small Tool with Big Impact
BankCompar may not look flashy, but its impact is profound. By making banking costs visible and comparable, it equips Cameroonians with the power to make informed financial decisions and nudges banks to stay competitive and transparent.
In an era where financial literacy is power, BankCompar is a quiet revolution in how banking is done in Cameroon.
