(Business in Cameroon) - On June 14, 2021, Cameroon Postal Services (CAMPOST) and Ecobank Cameroon signed a partnership agreement allowing access to banking services for the whole population.
On its Twitter account, Ecobank Cameroon explained that thanks to that partnership, it is now connected to the Electronic Communications Aggregation Platform. Henceforth, mobile users from any type of operator in Cameroon can dial the USSD code#237*326# to access its banking services “even without internet connection and a smartphone.”
The banking services concerned are fund transfers, bill payments, school fees payments, airtime purchases, and even microloan services.
This partnership between Ecobank Cameroon and CAMTEL is unique because it allows access to banking services for people that have no smartphones. Indeed, in recent years, most of the initiatives in the Cameroonian banking sector were only tailored for smartphone or tablet users.
Ultimately, the initiative will boost financial inclusion in a country whose bancarization rate is only 12%. In its 2020-2030 national development strategy, the country eyes an 80% bancarization rate for 2030.