Mobile phone operator Orange Cameroon has announced that on 5 July 2022 it was notified by the Ministry of Finance that it had obtained approval for the launch of Orange Money Cameroon SA, its subsidiary dedicated to financial transactions via mobile phones.
In concrete terms, thanks to this approval, signed on May 5, 2022, the mobile phone company underlines, “Orange Money Cameroon SA is now authorized to provide, autonomously, payment services such as deposits, transfers and withdrawals of money, purchases of credit and telephone packages, payments of bills, salaries, taxes and fees, collection and remittance of funds and receipt of international money transfers “.
For Orange Cameroon officials, this approval is “a new milestone in the development of Orange Money as a major player in financial inclusion for over a decade, and leader in mobile payment in Cameroon.
Indeed, according to the data of the mobile phone company, before obtaining the aforementioned approval, the Orange Money service, which will now be managed by an autonomous subsidiary, already claimed 10 million accounts in the country, more than 100,000 business partners and about 200,000 direct and indirect jobs created.
In order to maintain this leadership and further develop its offerings in a highly competitive local market, Orange Cameroon has appointed Cameroonian Anne Catherine Tchakonte Tholagheu, who was already managing the Orange Money service within the mobile phone company, as the new subsidiary’s managing director. She will be assisted by Serge Hervé Eyiké, who has been appointed deputy general manager.
In accordance with the regulations governing the exercise of the banking profession in the Cemac zone, these two managers were also approved for these positions on 5 May 2022 by the Minister of Finance. At the same time, the accounting firm KPMG Central Africa was recognised as the statutory auditor of Orange Money Cameroon SA, and the firm Bekolo & Partners was approved as the first deputy auditor of the new company.
Orange Money Cameroon SA allows the Orange Group to better position itself to capture new opportunities in the field of mobile payments, such as the recent generalisation of tax payments via mobile, decided by the State of Cameroon. According to statistics from the Ministry of Finance, this decision has enabled taxpayers to pay approximately CFAF 10 billion in taxes via mobile for the year 2021 alone.