Yaoundé - 27 January 2021 -



CEMAC: Mobile money interoperability is now effective across the region (BEAC)

CEMAC: Mobile money interoperability is now effective across the region (BEAC)
  • Comments   -   Thursday, 16 April 2020 10:52

(Business in Cameroon) - In the CEMAC region, mobile money interoperability is now effective, according to the Bank of Central African States (Beac). Thanks to this interoperability, a mobile money wallet holder can directly transfer money to the wallet of another user even if they are not clients of the same mobile operator.  

This interoperability is the result of works being done, since 2019, by the banking and e-payment sectors.  

In his release published on April 15, 2020, Abbas Mahamat Tolli, Governor of the BEAC, asked CEMAC residents to opt for this payment method available throughout the sub-region. According to the governor, this will help prevent the spread of the coronavirus by reducing physical cash transactions.

Apart from being a barrier to the spread of the infection, this interoperability is a real revolution in the CEMAC region’s payment system. According to a source close to the sector, this official launch means that from now on, transactions can be carried out directly between bank accounts, mobile money wallets, and bank cards.

These direct transactions were possible in the past but there was no common interoperability platform. Therefore, the process was arduous. For instance, when an MTN Cameroon user sends a mobile money payment to an Orange Cameroon subscriber, the latter had to go to an MTN collection point within three days or the transaction would be canceled. However, with the new platform, there is no need for that. The payment is directly transferred into the Orange Cameroon user’s mobile money wallet.

Also, it was possible to transfer or withdraw money from bank accounts via the mobile money accounts offered by some mobile operators.

The governor’s release does not provide all the details concerning the use of this technology. For instance, there could be a pricing problem since one of the challenges will be to harmonize transaction fees. Also, the release does not state whether local transfers will incur the same fees as regional transactions.

Let’s note that some of the parties involved do not have the required technology yet. This will restrict the rapid adoption of this opportunity.

Idriss Linge

By the end of this month, Eneo and the government of Cameroon will complete the installation of equipment needed for the production of 8MW of energy in...
In 2019, the National Civil Engineering Equipment Depot-Matgénie (which became a construction company in 2015) won XAF12.4 billion worth of contracts....
There is a new development in the case delaying the construction of the 96.7 km Ntui-Mankim road. Indeed, Chinese construction company Sinohydro was...
On 23rd January 2021, in the back yard of a 2500 m2 building in which parts of civil engineering machinery and equipment can be seen, a loader, a...

Mags frontpage

Business in Cameroon n94: December 2020

The rise of Cameroon’s automotive industry

The «Made in Cameroon» war

Investir au Cameroun n104 Décembre 2020

L’émergence d’une industrie automobile camer

La bataille du « Made in Cameroon »