19, March 2018
The United Bank for Africa (UBA) has partnered with Viettel’s subsidiary in Cameroon, Nexttel, to launch mobile money services, Journaldeucameroun reported. The decision signed by the Governor of the Bank of Central African States (BEAC), Abbas Mahamat Tolli, reveals that UBA had requested authorisation from the bank as far back as March 2017, to carry out mobile money services in Cameroon.
BEAC approved the UBA request based on the potential benefits to Cameroon’s unbanked population. The central bank said it reserves the right to withdraw the authorisation if the request is not used effectively within twelve months. Mobile money services in the country are currently controlled by Orange and MTN, in partnership with BICEC and Afriland First Bank respectively.
Official statistics indicate that there are 34,114 electronic money service points across the Economic and Monetary Community of Central Africa (CEMAC), with Cameroon accounting for 70 percent.