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Cameroon’s state-owned telecom operator, Camtel, has enlisted a consortium of four national banks to finance an investment plan worth 52.2 billion FCFA, according to sources close to the matter. The banking pool includes Commercial Bank Cameroon (CBC), Afriland First Bank, Union Bank of Cameroon (UBC), and National Financial Credit (NFC).
The investment program aims to expand 2G, 3G, and 4G coverage in regional and divisional capitals, university towns, and major higher education institutions across the country. To raise the necessary funds, CBC, acting as the lead arranger, approached the Bank of Central African States (BEAC) for refinancing under its “Window B,” now called the Special Refinancing Window. Unlike Window A—which manages liquidity operations in the CEMAC banking system—Window B is reserved for refinancing medium-term loans linked to productive investments, with refinancing capped at 60% of the total project cost.
During its Monetary Policy Committee meeting on September 29, 2025, the BEAC approved a refinancing facility of 31.3 billion FCFA, representing 60% of Camtel’s investment budget. This facility has a seven-year maturity, no grace period, and carries an interest rate indexed to the TIAO, set at 4.5% at the time of approval. The policy rate was later raised to 4.75% following the MPC meeting on December 15, 2025.
The central bank attached two main conditions to the disbursement of funds. First, Camtel must increase its equity contribution from 11.2 billion to 20.9 billion FCFA, an additional 9.7 billion FCFA. Furthermore, the company must provide a written commitment that the funds will be used exclusively for deploying 2G, 3G, and 4G infrastructure in regional and divisional capitals and major higher education institutions.
Specifically, Camtel must demonstrate full self-financing of 20.9 billion FCFA before its partner banks can access the 31.3 billion FCFA refinancing from Window B, and it must formally exclude any diversion of funds for other purposes.
Beyond these conditions, the BEAC issued management recommendations aimed at strengthening Camtel’s financial position. These include improving operating margins so that operating profit represents at least 15% of revenue, increasing overall profitability ratios to a minimum of 10%, and bolstering equity so that the financial independence ratio consistently covers at least 50% of stable resources.
Despite the strict requirements, the BEAC deemed the project eligible for refinancing, citing Camtel’s projected debt service capacity, improving financial ratios, CBC’s strong repayment history—whose advances to the central bank exceeded 100 billion FCFA—and the guarantees provided.
Introduced in the 1990s to support productive investment, Window B remains underutilized in the CEMAC region. The BEAC Governor acknowledged this limited awareness during a press conference following the September 29, 2025, MPC meeting. He noted that by mid-2025, most banks were unfamiliar with the mechanism and that only two Cameroonian banks had financed just two projects via Window B in the past three years. To promote broader adoption by banks and governments, which the BEAC views as crucial for strengthening the region’s productive base, the Governor stated that the central bank is revising the regulatory framework governing Window B to better align it with current economic realities.