(Business in Cameroon) - Users of the Diool app, the payment solution designed by the eponymous fintech, can now carry out over 500 transactions simultaneously.

The Cameroonian fintech Diool announced it has added a new feature to its digital solution to allow its customers to simultaneously transfer salaries, commissions, allowances, or grants. With this new feature, which is linked to payment methods such as Orange Money, MTN Money, and Express Union mobile, the users can carry out more than 500 transactions “in just one click”, the company said.

“We are delighted to launch this new feature that brings real value to any business that needs to execute multiple payments at once, and regularly faces lengthy manual operations," said CEO Serge Boupda (pictured). This is yet another step forward for this company which is seeking to conquer the international market. As a reminder, in February 2021, Diool managed to raise an expansion fund of CFA1.8 billion.

With the high mobile penetration and the digitalization of services, digital payments are increasingly attracting people in African countries. For example, according to data compiled by Beac, between June and September 2017, the value of payments made via mobile money in Cameroon reached CFA2,224.7 billion. Experts estimate that currently, this volume has been at least doubled. The country controlled 76% of this activity in the Cemac zone in 2019, according to GSMA.

Founded in 2015 by Serge and Philippe Boupda, Diool claimed, just after 2 years of operation, to have recruited 2,000 merchants, and handled about $120 million (more than 65 billion FCFA) in transactions. The company mainly gains profits from the fees it charges for its services.

BRM