USD business account in Cameroon
A company in Cameroon can hold US dollars only with prior authorization from the Bank of Central African States (BEAC), because the CEMAC exchange regulation of 21 December 2018 does not allow residents to open foreign currency accounts in the region or abroad without it. Most Cameroonian businesses therefore receive dollars into a CFA franc account through a local bank, and exporters must repatriate proceeds within 150 days. This guide covers the regulation, its 2019 instructions, foreign providers, the US company route, documents and the position of stablecoins.
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- Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 governs foreign exchange in Cameroon and the other CEMAC states, and it took effect on 1 March 2019.
- A resident company may not open a foreign currency account in the CEMAC or abroad unless the BEAC authorizes it, and BEAC Instruction 005/GR/2019 of 10 June 2019 grants that authorization for two years, renewable.
- Exports of goods and services of 5 million CFA francs or more must be domiciled with a CEMAC bank, and exporters have 150 days from the export date to collect and repatriate the proceeds.
- The regulation provides a fine of 10% of the amount for failure to repatriate, and states that payments between two residents may not be settled through bank accounts held abroad.
- Wise lists Cameroon among addresses that cannot get USD account details, Mercury lists Cameroon on its prohibited countries list, and Airwallex does not list Cameroon as a registration location.
- In May 2026 the BEAC Governor said the BEAC would allow only a stablecoin pegged one to one to the CFA franc and issued by the central bank, ruling out dollar-backed tokens.
USD business account options in Cameroon: the short answer
A business in Cameroon has four ways to hold or receive US dollars: a CFA franc account at a Cameroonian bank into which dollar payments are converted on arrival; a foreign currency account at a Cameroonian bank, opened with BEAC authorization; a USD account outside the region, which also needs BEAC authorization for a resident company; or a separate US company with its own US account. For most companies the first route is the only one available without an application to the central bank.
The reason is that Cameroon belongs to the Central African Economic and Monetary Community (CEMAC), whose six members are Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon. They share one currency, the Central African CFA franc (code XAF), one central bank, the Bank of Central African States (BEAC), and one exchange regulation. The same rules apply to a timber exporter in Douala and a trading company in Yaoundé.
That regulation, Regulation No. 02/18/CEMAC/UMAC/CM, was adopted on 21 December 2018 and took effect on 1 March 2019. On 10 June 2019 the BEAC Governor issued a set of instructions that put it into practice. This guide explains what both mean for dollar accounts, export proceeds and payments abroad, which foreign providers state that they accept Cameroonian businesses, the US company route, the documents banks ask for, the legal position of stablecoins such as USDC and USDT, and where a Helm account fits.
The options compared
The table compares the option types. It is not a ranking: most Cameroonian companies run their business through a CFA franc account and apply for a dollar account only where a trade flow justifies the BEAC file.
| Option | Account name and location | How US payers pay it | Main rules and limits |
|---|---|---|---|
| CFA franc account receiving dollars | Company's own name, bank in Cameroon | International wire (SWIFT) in USD, converted to CFA francs on arrival | No dollar balance kept; conversion at the bank's rate |
| Foreign currency account at a Cameroonian bank | Company's own name, bank in Cameroon | SWIFT wire through the bank's correspondent | Prior BEAC authorization; no CFA franc credits, no overdraft, no withdrawals for local needs |
| USD account outside the CEMAC | Company's own name or a pooled account, held abroad | ACH, Fedwire or SWIFT, depending on the provider | Prior BEAC authorization for a resident company; export proceeds must still be repatriated |
| US company with a US account | A new US company's name, US bank or fintech | ACH and Fedwire as a US business | Separate company, US tax number and filings; some providers do not serve founders living in Cameroon |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | No CEMAC framework in force; the BEAC rules out dollar-backed tokens |
Sources: Regulation No. 02/18/CEMAC/UMAC/CM; Clarence Abogados summary of the BEAC instructions of 10 June 2019; Ecofin Agency (9 May 2026). As published on 29 October 2026.
SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. ACH is the low-cost US domestic bank transfer system that US companies use for routine supplier payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments.
How to choose: an exporter of cocoa, coffee, timber or other goods sold outside the region must domicile the export with a CEMAC bank and repatriate the proceeds in any case, so the starting point is the bank that handles the export. An importer that pays suppliers in dollars buys them from its bank against documents at the time of payment and does not need a dollar balance. A service business paid by US clients gains most from US account details, but as a resident it needs BEAC authorization before it holds a dollar account abroad.
CEMAC exchange rules: the 2018 regulation and the 2019 instructions
The CFA franc peg
The Central African CFA franc has a fixed parity of 1 euro = 655.957 CFA francs, and the French Treasury states that France guarantees its unlimited convertibility at that rate. The peg is to the euro, not the dollar, so a dollar receipt is converted at the euro to dollar market rate plus the bank's margin. A Cameroonian exporter that sells in dollars carries dollar to euro exchange risk.
Regulation No. 02/18/CEMAC/UMAC/CM
The regulation was adopted in Yaoundé on 21 December 2018 and took effect on 1 March 2019 (Article 195). Its rules for a company are set out below, with the article numbers of the published text.
| Topic | Rule in the regulation |
|---|---|
| Foreign currency account abroad (Articles 41 and 42) | Not permitted for resident legal persons other than credit institutions, unless the BEAC authorizes it; resident individuals must declare accounts held abroad |
| Foreign currency account in the CEMAC (Article 43) | Not permitted for residents; the BEAC may authorize a resident legal person |
| Use of a resident's foreign currency account (Articles 44 and 45) | Cannot be credited with CFA francs or funded from a CFA franc account, cannot be overdrawn, no withdrawals for local needs |
| Accounts for non-residents (Articles 46 to 50) | Free to open, with information to the BEAC after opening |
| Domiciliation of exports and imports (Articles 53 and 63) | Transactions of 5 million CFA francs or more must be domiciled with a bank |
| Domiciliation of services (Articles 68 and 72) | Service exports and imports of 5 million CFA francs or more must be domiciled with a CEMAC bank |
| Repatriation of export proceeds (Article 55) | Collected and repatriated within 150 days of the effective export date |
| Current payments abroad (Article 6) | Free, on proof of the origin of funds and supporting documents; up to 1 million CFA francs a month per person on a simple indication of origin |
| Payments between residents (Article 30) | May not be settled through bank accounts held abroad |
| Penalties (Articles 160 and 161) | 10% of the amount for failure to repatriate; 5% for a bank that fails to transfer foreign currency to the BEAC |
Source: Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018, as published by the BEAC. As published on 29 October 2026. Confirm current rules and thresholds with your bank.
Domiciliation means registering a transaction with a named local bank, which then handles the payment and its documents and reports it to the BEAC. Banks must transfer the foreign currency they collect to the BEAC (Articles 37 and 38), which may let them keep a share for clients' current needs under a separate instruction.
The instructions of 10 June 2019
The BEAC Governor issued eleven instructions on 10 June 2019 to apply the regulation, as summarized by the law firm Clarence Abogados. Three matter most for a dollar account:
- Instruction 005/GR/2019 covers the opening and operation of foreign currency accounts for residents and non-residents. A resident legal person needs prior BEAC authorization. The application is filed by the company or by its CEMAC bank with supporting documents, and an authorization runs for two years, renewable on the same conditions.
- Instruction 006/GR/2019 covers the declaration, domiciliation and repatriation of export proceeds and confirms the 150-day period, meaning the funds must be received and credited by a CEMAC financial intermediary within that time.
- Instruction 008/GR/2019 covers electronic payment instruments, such as cards, used outside the CEMAC: up to 5 million CFA francs per person per trip and up to 1 million CFA francs per person per month for online payments, with justification to the bank within 30 days above those levels.
The implementing texts gave a six-month period to regularize foreign currency accounts held abroad, which ended on 10 December 2019, according to Deloitte Société d'Avocats. Oil and mining companies have a separate regime, set out in BEAC Instruction 003 of 4 February 2022 on the foreign currency accounts of resident extractive companies.
What to give a US payer for a Cameroonian account
A US buyer paying a Cameroonian bank sends an international wire. Give the payer the bank's full standard settlement instructions so the payment does not stop at an intermediary bank.
- Beneficiary name: the company's registered name, exactly as on the account.
- Account number: the account the dollars should reach, in the bank's full format.
- Beneficiary bank: the bank's full legal name, address and SWIFT code.
- Correspondent bank: the bank that holds your bank's dollar account, its SWIFT code and your bank's account number there.
- Reference: the invoice number and, for exports, the domiciliation reference, so the bank can match the receipt to the export file.
- Charge code: OUR if the contract says the payer bears all fees. Under SHA, fees are shared and intermediary banks may deduct charges on the way.
The US International Trade Administration (ITA) describes the practical conditions in its Country Commercial Guide.
| Point | What the ITA reports for Cameroon |
|---|---|
| Commercial banks | 19, holding about CFA 5,300 billion (US$9 billion) in assets, per the IMF |
| US bank present | Citibank, the only American bank operating in Cameroon as of May 2019 |
| Foreign currency remittances | The BEAC requires banks to surrender them and to consolidate customers' foreign exchange requests into one application |
| Time to clear a foreign exchange request | Meant to be 48 hours; in practice anywhere from several days to several weeks |
| Methods of payment | Many US firms require irrevocable letters of credit from banks with strong foreign partners |
| Mobile money | MTN Mobile Money and Orange Money, with over 20 million accounts combined |
Source: International Trade Administration, Cameroon Country Commercial Guide, Trade Financing (last published 23 February 2024) and Financial Technologies (last published 13 April 2026). As published on 29 October 2026.
For an importer, the delay in clearing foreign exchange requests matters more than the wire itself: build it into supplier payment terms. Check a bank's code with our SWIFT code lookup before putting it on an invoice, and see our guide on receiving USD from overseas buyers for payment terms that protect the seller.
Foreign USD account providers and Cameroon
Many Cameroonian businesses look for US account details so that US clients can pay by ACH. Eligibility is set by each provider, and Cameroon is excluded by name from several well-known lists. The table records what each provider states on its own pages.
| Provider | What its own pages state |
|---|---|
| Wise | Cameroon is on the list of addresses that cannot get USD account details; a US business with an address in Cameroon, or whose personal profile has an address in Cameroon, also cannot get them |
| Airwallex | Cameroon is not on its list of supported registration locations; unlisted locations cannot be processed |
| WorldFirst | Its Africa offering is available across Nigeria, Ghana, Kenya and Morocco; Cameroon is not named |
| Mercury | Cameroon is on its prohibited countries list, which applies to founders living there; it also accepts only companies formed in the United States or a US territory |
Sources: the providers' own pages, linked below. As published on 29 October 2026.
Before applying to any provider, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails they accept: ACH only, or also Fedwire and SWIFT. Third, and specific to the CEMAC, whether you hold the BEAC authorization that Articles 41 and 42 of the regulation require for a resident company's account abroad, and how export proceeds will be repatriated within 150 days.
Provider pages used: Wise on USD account details, Airwallex eligible countries, WorldFirst Africa and Mercury prohibited countries. For the wider picture, see our page on USD business accounts for non-US companies.
The US company route
Some founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Provider rules on founders matter here as much as rules on companies. Mercury requires the company to be formed and registered in the United States or a US territory, and its prohibited countries list, which includes Cameroon, applies to founders living in the listed countries. Check each provider's founder rules before forming the company.
The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
The US company is a separate legal entity with its own tax filings. Under the CEMAC regulation, a direct investment abroad by a resident needs prior BEAC authorization (Articles 123 to 128), and goods exported from Cameroon remain subject to domiciliation and repatriation whichever entity invoices the buyer. Take Cameroonian and US legal and tax advice before choosing this route.
Documents you need
Banks and providers ask for a similar company file. The table is a typical checklist; each bank sets its own, and a foreign currency account also needs the BEAC authorization file.
| Document | Bank in Cameroon | Foreign provider (typical) |
|---|---|---|
| Extract from the Trade and Personal Property Credit Register (RCCM) | Yes | Yes |
| Articles of association (statuts) | Yes | Usually |
| Taxpayer identification number from the tax administration | Yes | Often |
| Board or shareholder resolution naming signatories | Yes | Usually |
| Identity documents of directors and signatories | Yes | Yes, passport or national ID |
| Details of beneficial owners | Yes | Yes |
| Proof of business address | Yes | Yes |
| BEAC authorization under Instruction 005/GR/2019 | Yes, for a foreign currency account | Yes, for a resident holding an account abroad |
| Contracts, invoices and shipping documents | For exports, imports and payments above the documentation thresholds | Often, for the first large payments |
Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.
The RCCM is the commercial register kept under the OHADA uniform business law used across French-speaking West and Central Africa; its extract confirms the company's existence and managers. Keep the company name identical on every document, because a trading name on one form and the registered name on another is a common cause of delay. For a BEAC application, ask your bank which documents it will file on your behalf and which you must provide, since Instruction 005/GR/2019 lets either the company or its bank apply.
Stablecoins in Cameroon: USDC and USDT
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. Cameroon has no crypto law of its own, and the rules are being prepared at CEMAC level.
- No regional framework in force. Ecofin Agency reported on 9 May 2026 that the BEAC's regional framework for crypto assets was expected later in 2026, after work with the IMF and a February workshop with regional bank and securities regulators.
- Dollar tokens ruled out. Speaking at a BCEAO conference in Dakar in May 2026, BEAC Governor Yvon Sana Bangui said the BEAC would allow only a stablecoin pegged one to one to the CFA franc and issued by the central bank: "We will have only one parity: one CFA franc, one digital CFA franc."
- Why. The Governor said buying dollar stablecoins would push residents to obtain foreign exchange and weaken the central bank's management of reserves and liquidity. Ecofin reports CEMAC reserves of $11.3 billion at the end of 2024, about 4.2 months of imports.
| Question | What the sources say |
|---|---|
| Is there a crypto law in the CEMAC? | No framework in force; one was expected later in 2026 |
| Will dollar stablecoins be allowed? | The BEAC Governor said no: only a CFA franc stablecoin issued by the central bank |
| Does the exchange regulation still apply to export proceeds? | Yes; proceeds must be repatriated to a CEMAC bank within 150 days |
| Can residents settle payments to each other abroad? | No; Article 30 bars settling payments between residents through accounts abroad |
Sources: Ecofin Agency (9 May 2026); Regulation No. 02/18/CEMAC/UMAC/CM. As published on 29 October 2026.
For a Cameroonian company, a stablecoin receipt does not sit outside the exchange regulation. Take legal advice before accepting USDC or USDT from buyers abroad, and do not use stablecoins for export proceeds that must be repatriated through a CEMAC bank.
Where a Helm USD account fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in your company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a company resident in Cameroon, a Helm account is a foreign currency account held outside the CEMAC, so the 2018 regulation applies in full: obtain BEAC authorization under Instruction 005/GR/2019 first, renew it every two years, and plan how export proceeds will reach a CEMAC bank within 150 days. Within that authorization, it fits as follows:
- Service businesses can give US clients domestic US payment details, so a client pays by ACH as it would pay a US vendor.
- Importers and trading companies can hold dollars and send international payments to suppliers by SWIFT or by local rails in the supplier's currency where available, with the rate, fee and expected arrival shown before sending.
- Euro flows can use EUR details with an IBAN, which suits buyers and suppliers in the euro area given the CFA franc's euro peg. An IBAN is the international account number format used across Europe.
- Stablecoins: Helm accounts can receive USDC and USDT and convert them to USD, but only where local law allows. Given the BEAC's stated position against dollar-backed tokens and the absence of a CEMAC framework, a Cameroonian company should not rely on this feature without legal advice.
Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance, such as supplier finance, receivables finance and working capital, is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Freelancers and sole traders
The regulation treats individuals differently from companies: a resident individual may hold an account abroad but must declare it to the BEAC (Article 42). Online platforms set their own country lists, and Wise and Mercury exclude Cameroon, so check each provider's page before sending a client your details. Card and online payments abroad are limited to 1 million CFA francs per person per month without justification under Instruction 008/GR/2019.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can a company in Cameroon open a USD account?
Only with BEAC authorization. Under Regulation No. 02/18/CEMAC/UMAC/CM, a resident company may not open a foreign currency account in the CEMAC or abroad unless the BEAC authorizes it. Instruction 005/GR/2019 sets the procedure, and an authorization runs for two years, renewable.
What is Regulation 02/18/CEMAC/UMAC/CM?
It is the CEMAC foreign exchange regulation, adopted in Yaoundé on 21 December 2018 and in force since 1 March 2019. It applies in Cameroon, the Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon, and covers foreign currency accounts, payments abroad, export proceeds and investment flows.
How long do Cameroonian exporters have to repatriate dollar proceeds?
Article 55 of the regulation gives exporters 150 days from the effective export date to collect and repatriate the proceeds, and BEAC Instruction 006/GR/2019 confirms that the funds must be received by a CEMAC financial intermediary within that time. The regulation provides a fine of 10% of the amount for failure to repatriate.
What is the domiciliation threshold in the CEMAC?
Exports and imports of goods, and exports and imports of services, of 5 million CFA francs or more must be domiciled with a bank. Domiciliation means registering the transaction with a named bank, which handles its payment and documents and reports it to the BEAC.
Is the CFA franc pegged to the US dollar?
No. The Central African CFA franc is fixed to the euro at 1 euro = 655.957 CFA francs, so its rate against the dollar moves with the euro to dollar rate. Cameroonian businesses that buy or sell in dollars carry that exchange risk.
Can a business in Cameroon get Wise USD account details?
No. Wise's help page lists Cameroon among addresses that cannot get USD account details, and adds that a US business with an address in Cameroon, or whose personal profile has an address in Cameroon, cannot get them either. Check the page directly, because providers update their lists.
Can a Cameroonian founder open a Mercury account for a US company?
Mercury's prohibited countries list includes Cameroon and applies to founders living in the listed countries. Mercury also requires the company to be formed and registered in the United States or a US territory.
Is crypto legal in Cameroon?
There is no CEMAC framework for crypto assets in force; Ecofin Agency reported in May 2026 that one was expected later that year. The BEAC Governor has said the BEAC will allow only a CFA franc stablecoin issued by the central bank and has ruled out dollar-backed tokens.
How much can I pay online from Cameroon without justification?
BEAC Instruction 008/GR/2019 limits online payments outside the CEMAC to 1 million CFA francs per person per month, and card use while travelling to 5 million CFA francs per trip. Above those levels, justification must be given to the bank within 30 days.
References
- BEAC: Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 on foreign exchange regulation in the CEMAC
- Clarence Abogados: BEAC instructions to foreign exchange regulations (instructions of 10 June 2019)
- Deloitte Société d'Avocats: CEMAC, nouvelle réglementation des changes
- Ecofin Agency: CEMAC central bank bets on 1:1 CFA stablecoin parity (9 May 2026)
- International Trade Administration: Cameroon Country Commercial Guide, Trade Financing
- Direction générale du Trésor (France): Principles and operation of monetary cooperation in the franc zone
- Wise: Can I get USD account details?
- Mercury: Prohibited countries
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.