Managers
The functions of general manager and deputy general manager of a credit institution are incompatible with the exercise of the function of corporate officer or any salaried employment in an entity other than that credit institution.
Credit institution managers must;
Either hold at least a master’s degree in economics, banking, finance, law or management or any other degree recognized as equivalent at the time of submission of the application, and provide evidence of solid references as well as professional experience of at least five years in high-level management functions.
Alternatively, in the absence of the above-mentioned diploma, hold at least a bachelor’s degree in economics, banking, finance, law or management or any other diploma recognized as equivalent at the time of submission of the application, and provide evidence of solid references as well as at least ten years’ professional experience in high-level management functions.
For the purpose of the COBAC regulation, a high-level management function means a function which gives the holder the power to prepare decisions binding on the institution and which empowers him to direct and guide the activities of its entities.
Auditors
The auditors of credit institutions may be natural persons or legal persons.
Accounting firms must have at least one CEMAC-approved chartered accountant among their partners.