A decision by the Governor of the Banque des Etats de L’Afrique Central, BEAC, has authorized United Bank for Africa, UBA, to offer Mobile Money Services in the Cameroon Market.
According to the decision, UBA will be offering this service in partnership with VIETTEL Cameroun that operates as NEXTTEL, it’s commercial name. UBA has up to 12 months as of the date of signature to to effectively put into use the authorization as well as six months to conform with the various modalities and regulations needed.
It should be noted that Mobile Money services are already being offered by MTN Cameroon, Orange Cameroun and Express Union. The mobile money sector is presently a booming sector in Cameroon’s economy employing many as well as giving opportunities to entrepreneurs, especially the techies, to create businesses related to this it.
Many Cameroonians are now embrazing mobile money as a means of carrying out their transactions and making payments. There are many digital apps for both Android and iOS to ease the use of carrying out transactions and accessing your bank account using your phone.
Related: MoPay – Made-in-Cameroon Mobile Money App to Send or Receive Money
UBA and Nexttel joining this sector means it is becoming clear that in future, many Cameroonians may go cashless. I think it is time for tech entrepreneurs to come up with applications that will ease the use of carrying out cashless transactions with those selling goods and or services.
Checkout the authorization here.
Updates: Nexttel Possa, the fruit of UBA-Nexttel Partnership
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