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.
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.
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This content has been prepared for information purposes only. It is not intended to provide, and should not be relied on for, tax, accounting or legal advice. You need to consult your own tax, accounting or legal advisors before engaging in any transaction.