(Business in Cameroon) - Cameroonian multibillionaire Baba Ahmadou Danpullo recently created a payment institution baptized “Best Pay S.A.” Its operations are, however, still subject to the issuance of various approvals from supervisory administrations (Cobac and the Ministry of Finance).
According to the various deeds received by the office of notary Jean-Jacques Moukory Eyango, a limited company with a capital of CFA500 million has been established for 99 years.
The purpose of Best Pay S.A. is to provide payment and account management services as well as issue, distribute and manage payments in the form of electronic money. The company will offer services related to the management of payment accounts, the collection, payment, transfer, remittance, and withdrawals of funds namely.
According to Forbes Afrique, Baba Danpullo, who for months now, has been fighting with Vietnamese partners to control Nexttel (third mobile operator in Cameroon), was still the richest man in Francophone Sub-saharan Africa in 2019. Controlling a wealth of about $920 million (about CFAF550 billion), the tea mogul is also present in the real estate sector.