In a follow up to our last post, on UBA-Nexttel to offer mobile money services in Cameroon, it is now confirmed that the new mobile money service will kick off soon in the market with the brand name Nexttel Possa.
Nexttel Possa (possa is lingua franca for Purse in Cameroon), is the fruit of the partnership between the United Bank of Africa and Nexttel Cameroun that will be joining earlier competitors in the mobile money market, MTN Mobile Money (MoMo) and Orange Money (OM).
The authorization for UBA to offer mobile money services in partnership with Nexttel was issued on March 12, 2018 by the Governor of the Banque des Etats de l’Afrique Centrale, BEAC. According to the authorization, Nexttel Possa has up to 12 months as of the date of signature to effectively start running as well as six months for UBA to conform with the various modalities and regulations needed.
It should be noted that Cameroon ranks number one amongst the Central African states in the use of digital money. It carries up to 49% of electronic money transactions amongst the six states that make up the economic community of central African states (Congo, Gabon, Central African Republic, Equatorial Guinea, Chad and Cameroon).