(Business in Cameroon) - The launch of Nexttel’s mobile money service is one of the key priorities of new CEO Benoît Yaoussou’s tenure. Speaking to state-owned media Cameroon Tribune, the executive explained that by the end of 2021, Viettel Cameroon, operating under the brand name Nexttel, will launch its mobile money services.
Baptized “ Nexttel Possa”, which means “Nexttel wallet”, the service will be launched in partnership with UBA Cameroon in compliance with CEMAC regulations. Their partnership for that purpose was authorized by the central bank of the CEMAC region, BEAC, on March 12, 2018.
At the time, BEAC allowed Nexttel and UBA six months to launch the mobile money service. However, the project was not implemented till now because of power struggles between Nexttel’s shareholders. This service will boost competition in the local electronic money market where only MTN and Orange Cameroon are currently operating.