According to an official decision made public March 13,2018, the United Bank for Africa (UBA) is authorised to carry out mobile money services in partnership with the mobile operator Viettel, operating as Nexttel in Cameroon,
The decision signed by the Governor of the Bank of Central African States (BEAC), Abbas Mahamat Tolli, reveals that UBA had requested authorisation from the bank as far back as March 2017, to carry out mobile money services in Cameroon. .
Going by the decision, BEAC approved the UBA request based on the potential benefits the activity would provide to Cameroon’s ‘unbanked’ population. The central bank however notes that, the bank still reserves the right to withdraw the present authorisation if the request is not used effectively within twelve months.
Mobile money services n the country, is currently controlled by French company, Orange and South African Mobile Telecommunications Network (MTN), in partnership with BICEC and Afriland First Bank respectively.
Official statistics indicate that there are 34,114 electronic money service points across the Economic and Monetary Community of Central Africa (CEMAC), with Cameroon accounting for 70%.