Mobile money gains ground in Cameroon

By Bright Lokenge in Douala

Mobile Money Cameroon SA  has activated its MyMoney electronic prepaid service, with the Commercial name MoneytoMobile. MyMoney is a virtual account which is accessed through different Channels with Gadgets and Interfaces, which then enable customers to perform normal cash transactions electronically. It is a scheme that free customers from the burden of carrying cash and being bound geographically to their financial service provider. Mobile Money Cameroon S.A is a Cameroonian public limited company with capital of 1 Billion FCFA. The company was created in 2006 by Union Bank of Cameroon S.A., which is today part of the  oceanic Group, in partnership with Moda Corporation, together with CAMTEL and some local enterprises in the financial sector.

Cameroon is a typical cash economy in which persons move around with wads of cash to make payments. While this is a positive aspect in the economy with real time payment, however, mobile money could increase the security of cash carrying customers. With electronic services, you may loss your card and not your cash.Mobile Money Cameroon offers a wide range of auxiliary sevices to its customers, which include online checking of Virtual Account balances, an interactive Forum where users could leave their questions and suggestions and then expect feedback in their mail.

The MyMoney product comprises of three tailored packages for Mobile Money customers: MyMoney gold, MyMoney silver and MyMoney cash. MyMoney Gold is the service which allows a customer to make a Cash In into his Virtual account up to a maximum amount of 5,000,000 FCFA. The customer uses the money in his account for payments without any limitations. My money Silver allows a customer to make a Cash In into his virtual account up to a maximum amount of 2,000,000 FCFA. The customer also uses the money in his account without any limitations to make payments. The third option, MyMoney Cash service, allows a customer to make payments with the money which he had previously loaded into his smart card.

Since its inception, registration and activation of smart cards is ongoing at project partners. Other partners  for the scheme include Credit du Sahel, Caisse Camerounaise d'epargne et credit-CCEC SA, First International Finance Association-FIFFA, Finance et Change International-FCI, Ringo, First International Cameroon-FICAM and Hightec Telesoft Cameroon. Mobile Money Cameroon's first significant outing was at the Yaounde Trade Fair in December 2008, where its services where exhibited to the Cameroon public. The exhibitions included Mobile Payment Terminals, Smart Cards, Dual and Dummy Terminals and other payment media like watches, key holders and phones. Cameroon's Minister of Transport was guest of honour at the exhibition stand. © The Entrepreneur Newspaper 2009. All Rights Reserved

Comments

[Ngwa Blaise]

can I use my monmey for international transactions from usa.

[FRIDOLINE FONYUY]

I got some proposals on the valorisation of Mobile Money services in Cameroon.
I HAVE A 9 YEAR BANKING EXPERIENCE WITH CITIGROUP AND AMITY BANK.

[NICOLE NGUENE]

Please, can you let me know where is located Mobile Money corporation office at Douala.You can even give me the contact of the office.