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Yaoundé - 23 September 2019 -
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Cameroon launches survey to boost competitiveness in money transfer costs

Cameroon launches survey to boost competitiveness in money transfer costs
  • Comments   -   Friday, 13 September 2019 16:13

(Business in Cameroon) - The ministry of finance recently launched a survey to study money transfer charges, credible sources reveal. With this survey, the ministry wants to closely monitor the repatriation of exports revenues and ensure the good functioning of the market. This survey will shed light on developments in the mobile technology that, though much appreciated, still requires a closer watch to ensure the good measurement of transaction flows and compliance with COBAC’s regulations.  

It will study the costs of the transfers, discounting measures, exclusivity clauses, the transparency of various contracts in the sector and security of the transfers.

At the end of the survey, if the fees are found to be high, national authorities can ask the central bank to issue a law or circular outlawing the requirement for a bank to collaborate with only one fund transfer company, the source revealed.

S.A.

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