Is Your Money Safe in a Cameroonian Bank? FOGADAC, Explained (2026)
If a bank in Cameroon failed, would you get your money back? For deposits at approved banks the answer is largely yes — up to 5,000,000 FCFA per depositor — through a CEMAC-wide deposit guarantee fund most people have never heard of. Here's how it works and where the gaps are.
What FOGADAC is
FOGADAC — the Deposit Guarantee Fund for Central Africa (Fonds de Garantie des Dépôts en Afrique Centrale) — is the deposit-insurance scheme for the six CEMAC countries, including Cameroon. It was created by the banking regulator COBAC, is funded by contributions from the banks themselves, and pays out depositors up to a set limit if an approved bank fails. It is regional, not Cameroon-only — the same fund stands behind banks across the CEMAC zone. After years of dormancy the fund was revived in 2025, and its updated rules were adopted by COBAC's Board (24 June 2025) and approved by the CEMAC ministerial council (12 December 2025).
What's covered, and up to how much
- Deposits at COBAC-approved banks — your current and savings balances — are covered up to 5,000,000 FCFA per depositor, per bank.
- The limit is per depositor per institution, so money split across two separate approved banks is each covered up to 5,000,000 FCFA — a real reason not to keep everything in one place if your balances are large. Two banks, for example, means up to 10,000,000 FCFA protected in total.
What is NOT covered
- Mobile-money balances (MTN MoMo, Orange Money floats) are an e-money/payment product, not a bank deposit — . Don't assume your wallet balance sits under the same guarantee as a bank account.
- Money with an unapproved institution. If a "bank" or scheme isn't COBAC-approved, FOGADAC doesn't stand behind it — which is exactly why checking approval matters.
- Investment losses. The fund covers a bank failing, not a fall in the value of shares, funds or other investments you chose to buy.
How to stay inside the protection
- Bank with COBAC-approved institutions. Confirm approval before opening an account.
- Mind the per-bank limit. If your balance is above the cover, splitting across two approved banks keeps more of it protected.
- Don't confuse a wallet with a bank account. For large balances you want the deposit-guarantee protection a bank account carries; a mobile-money wallet is for spending and receiving, not for storing serious savings.
Put it to work: deposit protection is step one — see the full guide to growing your money in Cameroon.
Frequently asked questions
Does FOGADAC cover microfinance institutions?
Is my money safer in a bigger bank? The guarantee is the same for any COBAC-approved bank up to the limit. Size can matter for service and stability, but the protection isn't bigger at a bigger bank.
Has a Cameroonian bank ever actually failed? Bank failures have happened in the CEMAC region, which is why the fund exists. The point of deposit protection is that you don't have to predict it.
Where can I compare savings rates on protected accounts? Compare fixed-deposit and savings rates from approved banks — protection first, rate second.
This is general information, not financial advice. Confirm the current FOGADAC cover and what it protects before relying on it.