CEMAC: Individuals borrow at 15.48% while large companies pay 10.36%

In the six countries of the Central African Economic and Monetary Community (CEMAC), an individual borrower pays an overall effective rate of 15.48%, compared to 10.36% for a large company. These figures, covering the second quarter of 2026, appear in the monetary policy report of the Bank of Central African States (BEAC) published on September 30, 2026, and analyzed on October 2 by the Agence Ecofin.

Between these two extremes, small and medium-sized enterprises borrow at 10.97% and public administrations at 10.22%. In other words, the Cameroonian, Chadian, or Congolese household is the most expensive borrower in the zone, even though they are also the most exposed to income shocks.

Fees, the driver of the gap

The BEAC provides a clarification that sheds light on the mechanism: fees and commissions account for 31.18% of the rate applied to individuals. It is therefore not just the price of money that weighs on the cost, but everything the bank charges around the credit—application fees, insurance, and account maintenance. A household pays less to borrow than it does for the right to borrow.

From single to triple depending on the country

The regional average masks considerable disparities between member states. Cameroon shows the lowest rate at 8.31%, while Gabon peaks at 21.51%, which is about 2.6 times higher, according to data from the central bank relayed by Agence Ecofin. The Central African Republic stands at 14.36% and Equatorial Guinea at 13.82%.

These disparities within the same monetary union, sharing the same currency and the same key interest rate policy, raise a fundamental question: the financial integration of the CEMAC remains far behind its monetary integration. An entrepreneur in Libreville and an entrepreneur in Douala do not live in the same credit economy.

A real, but fragile, improvement

The report also contains some good news. The cost of credit for individuals fell by 1.71 points in three months, dropping from 17.19% in the first quarter of 2026 to 15.48% in the second. The trajectory is therefore favorable, even if the gap with large companies remains.

The issue goes beyond banking technique. In a region where the informal economy dominates and access to formal financing remains rare, credit at over 15% closes the door to buying a home, equipping a small business, or financing studies. The BEAC is also continuing the modernization of the zone's market infrastructures, with an international call for applications launched at the end of September 2026 for a common platform for the money market and the central depository.