Convention establishing the Central African banking commission (COBAC)

Signed on 16 October 1990 by Cameroon, Congo, Gabon, Equatorial Guinea, the Central African Republic and Chad, this convention creates the Central African banking commission (COBAC, Commission bancaire de l'Afrique centrale), the banking supervisor shared by the states of the Bank of Central African States (BEAC) area. COBAC ensures that credit institutions comply with the laws and regulations that apply to them and sanctions breaches. It is also involved in licensing, sets prudential standards and supervises banks, microfinance institutions and payment institutions. For an investor planning to set up or acquire a financial institution in Gabon, the convention and the COBAC regulations based on it define the conditions for market entry and supervision.