Camtel eyes 2025 as launch year for mobile financial services ⁰

Cameroon Telecommunications (Camtel) plans to launch mobile financial services sometime next year once it has completed a feasibility study this year, an executive said on Thursday as the state-owned operator looks to challenge Orange and MTN.

Mobile operators have been expanding in financial services across Africa, where a large part of the population does not have good access to traditional banking.

In Cameroon, South Africa-based mobile operator MTN (MTNJ.J), opens new tab and French telecom operator Orange (ORAN.PA), opens new tab dominate the mobile money space. Other fintechs are also making a play in that space.

Camtel’s mobile financial services business called Blue Money will be housed under its commercial unit Blue.

“Blue Money will be launched very soon. We’re finalising studies around the regulatory environment and the market to be able to deploy,” Gilbert Ngono, Director of Cooperation at Camtel said in an interview at Africa Tech in Cape Town.

“This year we’re finalising that part and next year is really the year where we’re going to see an acceleration and deployment of Blue Money.”

Source: Reuters