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FUND DEPOSITS AND CONSIGNMENTS : Holders at the Cdec have 6 Months to Transfer Funds

The prime minister Joseph Dion Ngute has signed a decree fixing the terms of transfer of funds and values devolved to the Caisse des dépôts et consignations (Cdec). From the date of signature on December 1st, holders have till June 2024 to transfer their funds and values.

In effect, the funds and values vested in the Caisse des dépôts et consignations (Cdec), and currently on deposit or consignment with public administrations, public and private establishments and companies, judicial professions, individuals and other legal entities.

To date, only Allianz Cameroon has carried out an effective transfer of funds and values devolved to the Cdec. By so doing, the structure uses a participatory approach adopted by the general management with a view to mobilizing resources belonging by right to this public structure to accompany public policies. Banque Atlantique Cameroun (BAC), a Cameroonian subsidiary of the Atlantic Financial Group (AFG) holding company of the Ivorian Kone Dossongui, for its part, signed a pilot partnership with Cdec aimed at supervising the transfer and management of funds and values vested on November 2, 2023.

The PM’s decree also aims to push the other consignees to quickly follow suit with the aforementioned institutions, in particular the banks, holders of the largest batch of resources allocated to the Cdec and who are blamed for blocking the activities of this structure due to lack of collaboration. Indeed, Article 7 (1) of this text provides that after the 6-month deadline, the Cdec « is authorized to order external audits or to carry out on-site and on-site verification missions of the completeness of the funds and / or securities held in order to ensure the sincerity of the deposits ».

According to texts, the funds or values detected during an audit or audit are transferred within 30 days after formal notice. Thus, any transfer of funds that occurs after the initial deadline of 6 months and that issued after the verification or audit mission entitles Cdec to payment interest calculated at the marginal loan facility rate (Tpfm) of the Bank of Central African States (Beac) plus two points ; the TPFM being the rate applied to commercial banks when they borrow liquidity from the Central Bank for a period of 24 hours.

In the event of non-compliance with the transfer obligations, “the Director General of the Cdec proceeds to the recovery of the sums due by all legal means,” specifies the document. However, credit institutions and microfinance institutions, often exposed in terms of financial commitments, can establish a schedule for the transfer of funds and values according to “special modalities” established by agreement of the party. But the recourse to the particular methods of transfer is carried out at the discretion of the DG of the Cdec, according to the text.

The funds are transferred by check or by transfer, in cash or in securities, including : current accounts, inactive savings accounts (banks) and dormant accounts (insurance). After their transfer, the Cdec definitively transfers these funds and/ or values to the State after 30 years without manifestation of the beneficiary or his successors in title.

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