Business

17, December 2024

WTO commends Cameroon’s ratification of fisheries subsidy law ⁰

During the opening ceremony of the 5th annual session of the General Council of the World Trade Organization (WTO) on December 16, 2024, in Geneva, Cameroon officially submitted its law ratifying the Agreement on Fisheries Subsidies. The law, adopted by Cameroon’s Parliament in June, was formally handed over by Cameroon’s ambassador, Salomon Ehet, Permanent Representative to the United Nations Office, the WTO, and other international organizations in Geneva, to WTO Director-General Ngozi Okonjo-Iweala.

“I warmly welcome Cameroon’s formal acceptance of the WTO Agreement on Fisheries Subsidies, a critical step toward protecting our oceans and ensuring sustainable fishing practices,” said Okonjo-Iweala.

The WTO Director-General also emphasized the significance of this move for small-scale fishing: “As the proud host of the WTO’s 14th Ministerial Conference in 2026, Cameroon is demonstrating leadership in advancing global trade and environmental sustainability. This agreement is especially vital for artisanal fishers in Cameroon and around the world, safeguarding their livelihoods by curbing harmful subsidies and preserving marine ecosystems for future generations.”

The Cameroonian government had submitted the bill to Parliament in June 2024 to ratify the amendment to the Marrakesh Agreement establishing the WTO, which focuses on regulating fisheries subsidies. The agreement, signed on June 17, 2022, aims to combat illegal, unreported, and unregulated (IUU) fishing, a challenge for Cameroon’s coasts, often exploited by foreign fishing fleets.

By ratifying the agreement, Cameroon commits to providing detailed information on its fisheries subsidies and benefits from a two-year exemption period to comply with disciplines related to IUU fishing subsidies. Additionally, the country will receive technical assistance to strengthen its capacities and access to a voluntary WTO funding mechanism dedicated to this support.

Ambassador Salomon Ehet highlighted that Cameroon’s adoption of the law is “a compelling testament to governance that is both relevant and geared towards the protection of the environment in all its forms, while remaining committed to developing the maritime fisheries sector. This initiative, which aligns with Cameroon’s National Development Strategy (NDS-30), further stands as a strong symbol of the country’s commitment to hosting a successful Ministerial Conference (MC14) in 2026.”

The 14th WTO Ministerial Conference is scheduled to take place in Yaoundé from March 26 to 29, 2026.

Source: Business in Cameroon

17, December 2024

Douala: Sanlam and Allianz finalize merger to form SanlamAllianz ⁰

German insurer Allianz and South African insurer Sanlam officially announced their merger. The merger, which was finalized after an extraordinary general meeting of their Cameroonian subsidiaries on July 22, has created two new companies: SanlamAllianz Cameroun Assurances, which handles general insurance and is led by Olivier Malatre, and SanlamAllianz Cameroun Assurances Vie, which focuses on life insurance and is headed by Laya Sidibé.

“The insurance market in Cameroon is growing rapidly, with increasing demand for more diverse services and customized solutions. The merger between Sanlam and Allianz meets this demand by combining the strengths of two industry leaders. Sanlam brings deep knowledge of the African market, while Allianz contributes global expertise and technological innovation. Together, they create a synergy that will greatly benefit the Cameroonian population,” said Heinie Werth, CEO of SanlamAllianz.

SanlamAllianz now holds a significant position in Cameroon’s insurance market, with over CFA51 billion in revenue. More than CFA26 billion comes from SanlamAllianz Cameroun Assurances Vie, based on 2023 data. With the country’s total insurance market revenue reaching CFA272.5 billion at the end of 2023, according to the Association of Insurance Companies of Cameroon (ASAC), SanlamAllianz now controls 18.7% of the market.

The merger agreement was first announced on May 4, 2022, in a statement released on the Johannesburg Stock Exchange. Sanlam, Africa’s largest listed insurance group, had reached a deal to combine its pan-African operations with German group Allianz.

According to the terms of the agreement, Continental-Re, a reinsurer also operating in Cameroon, is not included in the deal. It remains under Sanlam’s ownership, as the group acquired it in 2018 after purchasing Moroccan insurer Saham.

The agreement also states that Allianz holds a 40% share in the newly formed entity, with an option to increase its ownership to 49%. The remaining shares remain under Sanlam’s control.

Source: Business in Cameroon

6, December 2024

Cameroon truck drivers ask military to protect goods destined for CAR ⁰

Road transport has failed to fully resume between Cameroon and the landlocked Central African Republic after a top-level crisis meeting this week to reopen borders sealed by Cameroon following escalating violence in C.A.R. Hundreds of truck drivers say they will cross into C.A.R. when government troops protect them from rebels.

Several hundred truck drivers who left Cameroon’s Douala seaport for Bangui, capital of the Central African Republic, say they are stranded in Garoua-Boulai, a town on Cameroon’s eastern border with C.A.R.

C.A.R. is a conflict-ridden landlocked country that depends on the Douala seaport for about 95% of its goods and humanitarian aid.

One of the stranded truck drivers, 49-year-old Kum Innocent, said all of the drivers who have been in Garoua-Boulai for over two weeks have agreed to stop shipping goods and humanitarian assistance into C.A.R. because their lives are regularly threatened by armed gangs operating there.

“We can’t enter Bangui right now because of the insecurity on the way,” he said. “Armed gangs put [up] road barricades on the way. They even kidnap some of us, and they ask us [for] ransom. Our lorries are blocked down. Many of our merchandise [is] getting rotten, and we are losing a lot. That’s what we go through when we leave Garoua-Boulai for Bangui.”

Kum said that late last month, C.A.R. rebels killed a Cameroonian truck driver and abducted at least two mechanics hired to carry out truck maintenance along the Douala-Bangui road corridor.

Cameroonian truck drivers say they want an immediate release of their kidnapped peers before they resume the shipment of goods to C.A.R.

El Hadj Oumarou, head of Cameroon’s land freight transportation bureau, said several hundred truck drivers stationed in Garoua-Boulai want assurances that the C.A.R. government will take responsibility for their security and safety, as well as the security and safety of their goods and trucks. He said the C.A.R. government is responsible for the safety of every civilian in its territory.

The angry drivers refused to fully resume work after a crisis meeting Wednesday of top Cameroon and C.A.R. government and military officials in Garoua-Boulai. Officials say the crisis meeting was to plead with the striking truck drivers to resume activity.

Cameroon said it had agreed to open the border.

Gontrand Djono Ahaba, C.A.R. minister of Transport and Civil Aviation, attended the crisis meeting. He said he was surprised that drivers are still reluctant to ship goods and humanitarian assistance to C.A.R.

Ahaba said he has informed C.A.R. President Faustin-Archange Touadéra that truck drivers along the Douala-to-Bangui road want assurances of their safety before shipping goods to C.A.R.

He said Touadera has given assurances that the central African state’s military will organize convoys for drivers who feel threatened by armed gangs operating in C.A.R. and attacking truck drivers for supplies.

Speaking on C.A.R. state TV on Thursday, Ahaba said the C.A.R. military had located the trucks abandoned by drivers, adding that the trucks will be restituted, but he did not say when.

Cameroon’s transport minister, Jean Ernest Messena Ngale Bibehe, told Cameroon state TV on Thursday that negotiations have continued for truck drivers to suspend their protest. He assured them that C.A.R. officials have agreed to protect trucks daily and free of charge from Garoua-Boulai to Bangui and back.

C.A.R. descended into violence in 2013, when a rebel group forced then-President Francois Bozize out of office.

Violence among C.A.R. armed groups since then has forced close to a million Central Africans to flee to Cameroon, Chad, the Democratic Republic of Congo and Nigeria.

Source: VOA

3, December 2024

World Bank says developing countries paid record $1.4 trillion on foreign debt in 2023 ⁰

Developing countries spent a record $1.4 trillion to service their foreign debt as their interest costs climbed to a 20-year high in 2023, the World Bank’s latest International Debt Report shows. Interest payments surged by nearly a third to $406 billion, squeezing the budgets of many countries in critical areas such as health, education, and the environment.

The financial strain was fiercest for the poorest and most vulnerable countries—those eligible to borrow from the World Bank’s International Development Association (IDA), the data show. These countries paid a record $96.2 billion to service their debt in 2023. Although repayments of principal decreased by nearly 8% to $61.6 billion, interest costs surged to an all-time high of $34.6 billion in 2023, four times the amount a decade ago. On average, interest payments of IDA countries now amount to nearly 6% of the export earnings of IDA-eligible countries—a level that hasn’t been seen since 1999. For some countries, the payments run as high as 38% of export earnings.

As credit conditions tightened, the World Bank and other multilateral institutions became the main lifeline for the poorest economies. Since 2022, foreign private creditors have received nearly $13 billion more in debt-service payments from public sector borrowers in IDA-eligible economies than they disbursed in new financing. Over the same period, the Bank and other multilateral institutions pumped in nearly $51 billion more in 2022 and 2023 than they collected in debt-service payments. The World Bank accounted for a third of that sum—$28.1 billion.

“Multilateral institutions have become the last lifeline for poor economies struggling to balance debt payments with spending on health, education, and other key development priorities,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. “In highly indebted poor countries, multilateral development banks are now acting as a lender of last resort, a role they were not designed to serve. That reflects a dysfunctional financing system: except for funds from the World Bank and other multilateral institutions, money is flowing out of poor economies when it should be flowing in.”

The COVID-19 pandemic sharply enlarged the debt burdens of all developing countries—and the subsequent surge in global interest rates has made it harder for many to regain their footing. At the end of 2023, the total external debt owed by all low- and middle-income countries stood at a record $8.8 trillion, an 8% increase over 2020. The percentage increase was more than twice as large for IDA-eligible countries, whose total external debt climbed to $1.1 trillion, an increase of nearly 18%.

In 2023, borrowing abroad became considerably more expensive for all developing economies. Interest rates on loans from official creditors doubled to more than 4%. Rates charged by private creditors climbed by more than a point to 6%—a 15-year high. Global interest rates have since begun to subside, although they are expected to remain above the average that prevailed in the decade before COVID-19.

The latest International Debt Report highlights key insights from the World Bank’s International Debt Statistics database—the most comprehensive and transparent source of external debt data of developing countries. It reflects an upgraded effort to ensure accuracy in the debt data of IDA-eligible economies—by matching data these economies report to the World Bank’s Debtor Reporting System with data held by G7 and Paris Club creditors. This loan-by-loan reconciliation exercise produced a 98 percent match rate in the data, lowering the margin of error from 10 points to just two.

“Comprehensive data on the liabilities of governments can facilitate new investment, reduce corruption, and prevent costly debt crises,” said Haishan Fu, the World Bank Chief Statistician and Director of its Development Data Group. “The World Bank has played a leading role in improving debt transparency across the world, especially in IDA-eligible economies. In 2023, nearly 70% of these economies published fully accessible public-debt data on a government website—a 20-point increase since 2020. That is a hopeful sign for the future.”

Source: World Bank

2, December 2024

Dion Ngute says economy to grow by 4.1 pct in 2025 ⁰

Cameroon’s economy is forecast to grow by 4.1 percent in 2025, up from 3.8 percent in 2024, according to the country’s Prime Minister Joseph Dion Ngute.

Ngute made the announcement while delivering the 2025 state budget to the National Assembly Sunday night.

Cameroon’s draft budget for 2025 stands at 7,317.7 billion Central African CFA francs (about 11.74 billion U.S. dollars), Ngute said, noting that the budget has slightly increased by 0.5 percent compared to that of 2024.

Inflation is projected to fall to 3.1 percent in 2025, down from 4.2 percent in 2024 and 5.1 percent in 2023.

The budgetary plan will remain focused on consolidating the public finance situation, in coherence with the economic and financial program concluded with the International Monetary Fund, he said.

Source: Xinhuanet

20, November 2024

Wall Street falls as Russia-Ukraine tensions raise concerns ⁰

Wall Street’s main indexes dropped on Wednesday, as continued escalation of Russia-Ukraine tensions worried investors, while megacap Nvidia lost ground ahead of quarterly results.

Stocks dipped after a report Ukraine fired long-range British Storm Shadow missiles into Russian territory. That followed Ukraine launching US-made ATACMS missiles into Russia on Tuesday, and Russia announcing it had lowered the threshold for nuclear action.

Wall Street’s “fear gauge” jumped to 18.79 before easing slightly, but it was still trading at its highest since the November 5 US presidential election.

“There’s been more missiles firing between Ukraine and Russia, and the market doesn’t know what to think of that … tensions are escalating, not deescalating and that’s why you’re seeing the selloff in the markets,” said Dennis Dick, trader at Triple D Trading.

Meanwhile, AI leader Nvidia, which is scheduled to report results after the bell, dropped 0.8%, reversing modest premarket gains. The index heavyweight dragged the Information Technology sector as well as the tech-heavy Nasdaq.

Target plunged 20.7% after the retailer forecast holiday-quarter comparable sales and profit below Wall Street expectations following a third-quarter estimate miss.

It dragged down other retailers such as Dollar Tree and Dollar General which fell 3.4% and 4.9%, respectively.

Among other growth stocks, Tesla lost 1.8% and Amazon.com shed 1.7%.

The consumer discretionary and consumer staples indexes lost 1.1% and 0.9%, respectively.

But the spotlight remained on Nvidia, which has nearly tripled in value this year, accounting for about 20% of the S&P 500’s returns over the last 12 months, according to BofA Global Research.

“While expectations for Nvidia are high heading into its latest earnings report, we expect the company to report another strong quarter and live up to these high expectations,” said Clark Bellin, chief investment officer, Bellwether Wealth.

At 10:55 a.m. the Dow Jones Industrial Average fell 40.15 points, or 0.09%, to 43,228.79, the S&P 500 lost 30.00 points, or 0.51%, to 5,886.98 and the Nasdaq Composite lost 123.86 points, or 0.65%, to 18,863.61.

Cryptocurrency stocks ticked higher as bitcoin jumped above $94,000, with MicroStrategy and MARA Holdings up 14.6% and 13%, respectively.

Comments from Federal Reserve officials including Michelle Bowman and Susan Collins are expected through the day.

Traders have increased their bets on the US central bank leaving interest rates unchanged at its December meeting in the wake of strong economic data and signs of persistent inflation. They see a 44.5% chance of a pause next month, according to CME’s FedWatch tool.

Fed Governor Lisa Cook said recent data suggests that more cuts are likely appropriate as disinflation is expected to continue.

Declining issues outnumbered advancers by a 1.85-to-1 ratio on the NYSE and a 1.38-to-1 ratio on the Nasdaq.

The S&P 500 posted 25 new 52-week highs and nine new lows, while the Nasdaq Composite recorded 66 new highs and 107 new lows.

Source: Reuters

17, November 2024

Fitch Keeps Cameroon at ‘B’ with Negative Outlook ⁰

Fitch Ratings has affirmed Cameroon’s long-term foreign currency issuer default rating (IDR) at ‘B’ with a negative outlook. In a note, Fitch revealed that the negative reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM).

This is evidenced by weak liquidity management, late external debt payments, and accumulation of domestic arrears, according to the rating note. Cameroon’s ratings are supported by its resilient GDP growth, a manageable debt maturity schedule and expectations that moderate budget deficits and debt levels will be supported by non-oil revenue mobilization and spending restraint.

Analysts added that this is balanced against low GDP per capita, weak governance indicators, and persistent security challenges. The 92-year-old President Paul Biya, in power since 1982, will likely run in the presidential election, scheduled for October 2025, Fitch said.

The rating note stated that social and political tensions could increase in the run-up to the election, increasing concerns about Cameroon’s political stability, policy continuity and commitment to reform – which underpin bilateral support.

The lack of a succession plan and political divisions and rivalries within the ruling party exacerbate the risk of a disorderly transition of power. The rating note revealed that the country’s weaknesses in budget planning and execution, and debt management weigh on the rating.

The government’s exceptional spending procedures remain high, albeit declining, due to constant unexpected security spending and liquidity pressures. PFM weaknesses are evidenced by occasional late external debt service payments.

It was revealed in July that Cameroon was late in making external debt payments to one commercial creditor in March 2024. Moreover, in 2024, Cameroon has cleared XAF467 billion of domestic arrears using proceeds of a private placement issuance and resources lent by Afreximbank.

“We see continued risk of arrears accumulation given a projected financing shortfall”, Fitch Ratings said amidst country’s tight finance.

In 2004, Cameroon is unlikely to obtain budgeted financing from the World Bank of USD200 million, due to delays in implementing structural reforms, Fitch stated.

Analysts explained that the projected shortfall in financing will be compensated by spending cuts. The funds could be disbursed in 2025, but the electoral context may further slow reform implementation.

“Nevertheless, we expect Cameroon’s funding needs will be covered through the existing IMF programme, ending June 2025, and official creditor support tied to the completion of the reviews”.

The government will also rely on the regional bond market.

Fitch baseline assumes strong support from official creditors will continue over the medium term, with a potential renewal of the IMF programme in 2026, which is key for the financing plan. Cameroon has limited fiscal room, and fiscal consolidation is being driven by spending cuts, mainly on capex under-execution.

“We forecast the fiscal balance on a commitment basis will shift to a surplus of 0.1% of GDP in 2024, remaining broadly stable in 2025-2026.

“Oil revenues will decline due to lower oil prices and production, but non-oil revenues will continue to improve through revenue mobilisation measures, tax exemptions reduction, and improvement in tax and customs administrations”.

Fitch also forecast the fiscal deficit on a cash basis to widen from 0.4% of GDP in 2023 to 1.6% in 2024, as net repayment of arrears is expected at 1.7% of GDP at end-2024.

“We expect the cash deficit will decline to 0.7% of GDP in 2025 and 0.6% in 2026, although the pace of net repayment of arrears casts uncertainty on the fiscal trajectory”. The government is committed to reduce fuel subsidies, increasing retail petroleum prices in 2024 by 15%, after a 21% rise in 2023.

However, given the importance of social stability and the presidential election, we assume the government will not increase petroleum prices in 2025, delaying the phasing out of fuel subsidies.

“We estimate fiscal financing needs, at 5.7% of GDP in 2024, will decline to 4.7% of GDP in 2025, owing to lower cash deficit and arrears repayment. We project fiscal financing needs will increase to 5.4% of GDP in 2026 as domestic debt amortisation will amount to 2.6% of GDP after 2.1% in 2024.

“External debt amortisation will increase from 2.0% of GDP in 2024 to 2.1% in 2025 and 2.2% in 2026, including Eurobond payment at 0.1% of GDP per year”. Fitch project GDP growth and moderate cash budget deficits will maintain government debt on a declining path from 41.7% of GDP in 2023 to 36.3% in 2026, below the ‘B’ median forecast of 56.4%.

Also, analysts expect real GDP growth to increase to 3.7% in 2024 from 3.2% in 2023. “We forecast growth at 4.0% in 2025 and 4.1% in 2026, driven by agriculture, construction, and the coming on-stream of infrastructure and electricity projects, below the ‘B’ median forecast of 4.7%”.

Downside risks to growth stem from geopolitical uncertainties leading to renewed commodity price volatility, supply chain disruptions, and inflationary pressures. The 2025 presidential election threatens reform implementation and increases security and social risks.

Analysts forecast the current account deficit (CAD) to narrow from 4.1% of GDP in 2023 to 3.6% of GDP in 2024 owing to higher cocoa prices supporting exports. Fitch projects the CAD will fall to 3.2% of GDP in 2025-2026, as the decline in oil production will be offset by the implementation of the import substitution policy, while exports will increase thanks to stronger agricultural production.

Source: dmarketforces

14, November 2024

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

13, November 2024

Bank loans in Cameroon hit record CFA5,607 bn in H1 2024, up 3.75% ⁰

Bank lending in Cameroon reached a record CFA5,607 billion between December 2023 and June 2024, representing a 3.75% increase compared to the previous six months. This data comes from the regulatory reports of the Collection, Processing, and Feedback System for Banks and Financial Institutions (Cerber), established by the Bank of Central African States (BEAC) and Cameroon’s National Economic and Financial Committee (CNEF).

Afriland First Bank (AFB), owned by Cameroonian billionaire Paul Fokam Kammogne, led the market with CFA1,280.5 billion in loans over the period. Right behind AFB was Société Générale Cameroun (SGC), a subsidiary of the French Société Générale group, which issued CFA771.3 billion in credit.

Banque Atlantique Cameroun (BAC), a branch of the Ivorian Atlantic Financial Group (AFG), took the third position, issuing CFA538.2 billion in loans. Société Commerciale de Banque (SCB) Cameroun, owned by Morocco’s Attijariwafa group, followed with CFA521.4 billion, while Commercial Bank Cameroun (CBC) completed the top five with CFA489.9 billion in loans.

Other notable players included Bicec, a part of Morocco’s Banque Centrale Populaire (BCP), which loaned out CFA455 billion; BGFI, owned by Gabon’s BGFI Group, at CFA441 billion; CCA Bank, a local Cameroonian institution, with CFA308 billion; UBA, the Nigerian UBA Group’s subsidiary, providing CFA265 billion; and Ecobank, a pan-African group, lending CFA167 billion.

The remaining eight banks—Citibank, NFC-Bank, Standard Bank, Bange Bank, La Régionale Bank, UBC, BC-PME, and Access Bank—collectively issued over CFA370 billion in loans.

The credit market grew by 3.75% in the first half of the year, with AFB leading the growth at 3.14%, as the only bank to lend over CFA1,000 billion. Newer players in the market, like Equatorial Guinea’s Bange Bank and Nigeria’s Access Bank, posted the highest growth rates of 73.28% and 26.43%, respectively. Financial expert Danny Dior Ngongang noted, “It’s expected for these banks to grow rapidly, as they are working to establish themselves and catch up.”

Source: Business in Cameroon

8, November 2024

Biya regime, Société Générale, Allianz lose CFA5 Billion in YUP mobile money collapse ⁰

Shareholders in YUP Cameroon, a mobile payment subsidiary of Société Générale, have lost nearly $8 million (around CFA4.8 billion) as the company shut down in 2022, according to a liquidation notice disclosed by Africa Intelligence. Société Générale Cameroon held over 80% of the company, while other shareholders included the State of Cameroon and Allianz Cameroon, though their stakes weren’t specified.

On March 1, 2022, Nicolas Pichou, CEO of Société Générale Cameroon, informed employees of YUP’s closure. Launched in 2017 across seven African countries Côte d’Ivoire, Senegal, Burkina Faso, Cameroon, Guinea, Ghana, and Madagascar—the platform struggled to maintain profitability despite its reach. Pichou explained that despite efforts to expand market share and enhance customer experience, YUP could not create a viable model, and market conditions made its continuation unsustainable.

Following the announcement, YUP set a three-month deadline from March 15, 2022, to reimburse customer deposits. During an extraordinary shareholders’ meeting on December 29, 2023, in Douala, YUP entered liquidation, with financial expert Manfred Penda appointed as liquidator.

YUP’s Mobile Market Struggle: 96% of Accounts Remained Inactive

Despite five years of effort in Cameroon’s dynamic mobile money market, YUP’s offering failed to achieve profitability. The dominant positions of established operators, MTN and Orange, posed a significant challenge. These two companies, having entered the market nearly a decade before YUP, established extensive networks with their MTN Mobile Money and Orange Money services, leaving little room for new players.

A 2022 report from the Bank of Central African States (BEAC) highlights the scale of YUP’s struggle. By the time it shut down in March 2022, YUP Cameroon had attracted 689,071 mobile money customers,pale in comparison to the more than 21 million accounts registered in Cameroon that year. Even more telling, only 22,332 of YUP’s accounts were active, meaning that over 96% of accounts saw little to no use after their initial setup.

Meanwhile, Orange and MTN continue to vie for dominance. In 2021, Orange Cameroon claimed 70% of the mobile money market with 10 million accounts and over 100,000 business partners. However, MTN Cameroon’s CEO, Mitwa Ng’ambi, countered this, stating that MTN’s Mobile Money Corporation now boasts the country’s largest active user base, solidifying its leadership in mobile financial services.

Source: Business in Cameroon