"(Business in Cameroon) - Mobile Money Corporation, MTN Cameroon’s subsidiary exclusively dedicated to Mobile Money, has undergone recent changes, according to a legal notice published on July 14.
According to the said notice, the subsidiary’s board decided to increase the share capital from CFAF 50 million to CFAF 850 million by adding FCFA 800 million in cash. Subsequently, MTN Cameroon, MTN International, and Broadband Telecom Ltd were withdrawn with immediate effect from the board of directors of Mobile Money Corporation.
To replace them, Hendrik Kasteel (CEO of MTN Cameroon) and Ebenezer Essoka (banker) were appointed as directors for a 6-year term. Alain Claude Nono and Joseph Tsuo Mua Akwa were appointed respectively Managing Director and Deputy Managing Director of the company. The audit firm "Deloitte and Touche" has been appointed as the second auditor.
Sources within MTN explain that this capital increase was carried out to make "Mobile Money Corporation" compliant with Cobac regulation R-2019/02 on prudential standards applicable to payment service providers (PSPs). According to Article 2 of this regulation, PSPs must have a minimum share capital of CFAF 500 million.
The competitor Orange Money Cameroon (OMC), telecom operator Orange Cameroon’s payment service provider, has a share capital of FCFA 1.2 billion.