MINFI warns against promoting financial crimes through illegal currency exchange.

Financial crimes like spreading the use of counterfeit money, becoming unknowingly involved in money laundering, or even financing terrorism, are among those the MINFI boss cited.

Minister Motaze indicated that these practices harm not only Cameroon´s, but the economies of other member states of the Economic Community of Central African States, CEMAC, as well as damage the business climate, and tarnish the country’s image. 

He also cited regulations set by the CEMAC, which strictly ban any form of currency exchange without approval by the government. Observers say the warning was followed by a massive crackdown against illegal currency exchange in the nation´s two major cities - Yaounde and Douala. 

They added that no resident of the political capital can fail noticing the impressive presence of these dealers along the 20th May boulevard and the Avenue Kennedy axis of the town, as the dealers carry out this illegal activity on a daily basis.

Observers who describe the minister´s warning as strongly worded, said it has raised not only concern, but increasing awareness over the growing spread of street-level illegal trading in hard currencies, particularly in Yaounde and Douala.

The Minister of Finance further noted that this illegal activity is being carried out by people who take over public spaces, especially areas in front of supermarkets and shopping centers, offering currency exchange services outside any legal or regulated framework.

In both cities, he said some individuals openly offer to exchange foreign currencies for Franc CFA right on the street and in front of public officials who are supposed to fight against the phenomenon. 

The minister further disclosed that these transactions are done by hand, usually using prevailing exchange rates on international financial markets. 

According to Minister Motaze, the informal method is more appealing to many users, who prefer it to the longer procedures and higher costs often found in banks and other formally authorised institutions.

Minister Motaze expressed dismay that these traders operate in total illegality, as they do not have official licenses to carry out currency exchange. 

He reminded the public of the risks involved, stressing that violators, if caught, are liable to face penalties that include a fine of up to 5 million FCFA and immediate seizure of the foreign currencies involved.

The minister urged all offenders, and Cameroonians in general, to stop such illegal activities or face strict legal action.

This article was first published in The Guardian Post Edition No:3450 of Friday May 16, 2025