CEMAC Regulator COBAC Tightens Scrutiny on Mobile Money Customer Funds

Central Africa’s banking regulator is taking a closer look at how customer funds move through intermediaries in the region’s expanding digital payments market, after finding that some funds sometimes pass directly through the accounts of payment providers and aggregators. The Central African Banking Commission (COBAC) discussed the issue on September 25, 2026, in Malabo, Equatorial Guinea, during the 15th annual meeting between its president and banking and financial industry representatives. According to the meeting’s final statement, discussions covered relations between payment providers and aggregators, the accounting treatment of certain transactions and risks tied to the circulation of customer funds. The statement does not disclose the amounts involved, identify any institutions or specify which transactions prompted the concerns. COBAC also announced no new regulatory requirements at this stage. In particular, the statement does not indicate whether the regulator plans new rules for safeguarding customer funds, separating them in financial accounts, reporting transactions or subjecting aggregators to a specific regulatory framework. The Malabo discussions nonetheless show that ...