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Yaoundé - 26 February 2024 -
Finance

Beac aims for 1mln payment points to boost CEMAC financial inclusion by 2030

Beac aims for 1mln payment points to boost CEMAC financial inclusion by 2030
  • Comments   -   Wednesday, 31 January 2024 16:29

(Business in Cameroon) - The Central Bank of Central African States (Beac) is considering creating one million payment points across the CEMAC region to achieve its strategic goal of 75% financial inclusion by 2030. These payment points, including merchant locations and acceptance points for card and electronic wallet transactions, are designed to reduce reliance on cash transactions.

Jean-Clary Otoumou, the Director-General of Operations at Beac, revealed during the first fintech forum held by the central bank from January 29 to 31, 2024, that the initial plan is to equip 350,000 payment points by 2025-2027. Following this phase, the construction of the remaining 650,000 points will unfold. The estimated investment cost currently ranges between €40 million and €60 million, equivalent to CFA26.2 - CFA39.3 billion at the current exchange rate.

According to Otoumou, these payment points will be strategically deployed in cities and localities across the six CEMAC countries where financial services are conducted. The overarching goal is to reduce cash usage and encourage the adoption of electronic payment instruments, fostering a potential 2 to 3% GDP boost for the CEMAC region.

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