(Business in Cameroon) - Orange Cameroon recently created Orange Money Cameroon, a branch exclusively dedicated to Mobile Money services. According to documents accessed by Business In Cameroon, the capital of this newly created branch is XAF1.2 billion. The articles of incorporation were filed with a notary in Douala somewhere between September 30 and October 23, 2019.
The purpose of this new company is "the provision of payment services and management of payment accounts; The issuance, distribution, and management of means of payment in the form of electronic money; the storage of corresponding data as provided for in the applicable Regulation; services associated with the management of payment accounts (collection, payment, transfer, remittance and/or withdrawal of funds) and any operation to or from these payment accounts on behalf of its customers and partners."
Orange Money Cameroon will grant, subject to regulatory authorities’ approval, “payment by credit under the conditions mentioned by regulations” and acquire “shares in companies carrying out activities related to electronic money."
Orange Cameroon SA, Financière de Mobiles du Cameroun (Fimocam), Debord Frédéric Maurice Pierre (Chairman of the Board of Directors of Orange Money Cameroun and CEO of Orange Cameroun), Pokossy Doumbe Olga Mireille Saya Youta and Soumahoro (Managing Director of Orange Money Cameroun) are the directors of this subsidiary.
KPMG Central Africa and EAC-Ernst & Young Cameroon are the statutory auditors and they will be surrogated by Deloitte Cameroun and Bekolo & Partners.