In Cameroon, financial inclusion is on the way!

By Ecclésiaste DEUDJUI
3 Minutes
Les points de retraits d
Les points de retraits d'argent électronique sont disponibles partout au Cameroun. Source: prosygma-cm.com /CC-BY

 

We have the rate of banking in Cameroon is still very low, but something is changing. Indeed, since the arrival of electronic wallets about ten years ago, Cameroonians have started to get used to virtual currency. Orange and MTN money, to mention that they are currently references in terms of telephone purses. And in their wake, we have Yoomee money just set up, and the company National Telecommunications (Camtel) that should no longer delay their follow suit...

In terms of users, electronic money has no less than 20 million users in Cameroon! Withdraw/deposit points are constantly increasing, and besides there are several on every corner. Banks have also decided to commit in this juicy market, and they now offer, for the most part, option to manage your bank account from a simple smartphone.

Financial inclusion is on the move! Because even if we don't say it enough, an Orange money or MTN money account is a bank account. Most Cameroonians already have one, and they are currently using this service on an almost daily basis. Personally I have already had to pay for a ride in bendskin via Orange money. And even in bars, electronic payment is starting to become commonplace to avoid problems with refunds, liquidity, etc. respect have also acquired merchant codes from these operators mobile telephony, in order to facilitate the numerous financial transactions with their customers.

Better, the subregion is getting involved. Thanks to the financial authorities of Central Africa and to the Gimac system, it is now possible, at a lower cost:

- to send money from MTN money to Orange money, and vice versa
- send money to any device telephone located in Central Africa
- send money from your phone to your bank account, and vice versa
- etc.

France also just facilitated monetary transactions to countries Africans, which will help money transfer apps more mobile to the countries of the continent. Very good news.

In addition, banking applications are really effective. With e-Banking, for example, there's no need to go line up in a bank to make a payment or withdrawal. From the app mobile, you can now transfer money to your account telephone, or make a transfer to another bank account. From In addition, these applications also allow you to send money to a prepaid Visa/Mastercard. What makes it easier for you to make your online payments help create/use your PayPal account, access your cryptocurrency choice, invest, save, etc.

We'll get it understood, Cameroonians do not yet have formal bank accounts for the vast majority, but they already use many banking services without to notice it. Mobile operators have contributed greatly to this digitalization of currency, and people are increasingly confident in that invisible money. Small merchants, students and others job seekers, use their electronic money at a lower cost, with disconcerting ease in their everyday transactions.
Inclusion financial reduces travel, pollution, money production fiduciary, as well as interpersonal contacts that are very little recommended in these times of global pandemic...

 

Ecclesiastes Deudjui

(+237) 696.469.637

doualatour@yahoo.fr

Orange Money
Monnaie Électronique
Mtn Money
Banque
Inclusion Financière