In an effort to increase consumer access to financial information, Cameroon's National Economic and Financial Committee (CNEF) has launched a new digital portal that allows the public to compare banking fees and simulate the true cost of loans in the country.
The digital portal, known as BankCompar, was officially launched in the capital, Yaounde, on June 20, 2025, in a ceremony presided over by Yaouba Abdoulaye, minister of finance.
The debut of BankCompar coincides with a growing demand for consumer-centric reforms in Cameroon's banking system, where hidden fees and convoluted pricing structures have long irritated the public.
According to CNEF's secretary general, Pierre Emmanuel Nkoa Ayissi, BankCompar, which is available via web and mobile app, is intended to increase the transparency and readability of bank charges while also strengthening consumer protection.
It is also intended to promote financial education and inclusion, establish healthy competition among banks, and boost public trust in the country's banking sector.
Users may easily compare bank charges and loan offers, enabling them to make more informed decisions.
“The application is a response to government’s drive to digitalisation,” Minister Abdoulaye said.
The minister noted that the platform is a critical step towards a more open, competitive, and consumer-friendly financial ecosystem.
To help the public grasp financial concepts, CNEF developed MOYO, a relatable, animated character that works as a digital financial educator.
MOYO is intended to reflect CNEF's continued efforts to increase awareness and simplify financial literacy concepts.
While BankCompar presently focusses on commercial banking institutions, CNEF has announced that the platform will progressively extend to include microfinance and insurance providers beginning next year.
This expansion will follow the completion of ongoing initiatives to standardise service labels across those sectors.
Furthermore, a savings interest simulator will be available by the end of the year, providing consumers with extra tools for evaluating and comparing financial products.
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