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Cameroon – Finance: The suspension of international transfers penalizes users

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Written by Deckson N.

In addition to the banking sector, several users, especially merchants and students, pay the high price of this suspension of money via Western Union and Money Gram.

For several months already, international remittances via Western Union, Money Gram and many others have been suspended on Cameroonian territory. Only withdrawals of money are possible. “Since the partner banks of these financial structures specializing in the transfer of money have made this decision, many users do not know which way to devote themselves,” reveals the Économie daily on 17 November 2016.

This is the case of a student, who admits to having made the bad discovery just a few days ago. “I was admitted to a university in Canada. And I had to pay the first part of the tuition. So, I went to approved institutions for the transfer of money via Western Union. But once I got there, I learned at my expense that international remittances had not been done for several months already, “he says.

Daniel Mboudou, a merchant, was also the victim of this suspension. “I had a deal to do. In particular, pay a supplier with whom I was just beginning to deal. It was a question that I would quickly send him money to send me the goods. Unfortunately, I was not able to send him the money on time because the remittances did not go through, “he said.

However, “when I found that I could not send this money through the international money transfer structures, I contacted a friend of mine in Europe who managed the transaction directly, with a few days delay. This has had an impact on my business, “he continues.

Many people use parallel and informal networks to do their transactions. Traders use mostly parallel networks for their transactions, “says a specialist in the financial sector.

At the origin of this suspension, the challenge of the export tax by Western Union and Money Gram. “In the Finance Act 2015, the State of Cameroon taxes in its entirety the international transfers that leave Cameroon,” says Chrétien Tabetsing, promoter of a foreign exchange institution. Henceforth, the State fixed at 33.33% the rate to be remitted to the public treasury by mail, it is learned.

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Deckson N.

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