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Cameroon – Mobile Money: Transactions of telecoms operator MTN Cameroon prohibited outside the CEMAC zone

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Written by Deckson N.

In a correspondence dated 19 June 2017, the Governor of the Bank of Central African States (Beac) invites the leaders of active banks in this Community area to “cease all international money transfer operations in the framework of electronic money activities, through their technical partners “.

According to Abbas Mahamat Tolli, this decision stems from the fact that “mobile operators would in fact be the actual issuers of electronic money, manage them and make transfers abroad. Such actions would then constitute a serious breach of the letter of the regulations regulating not only the activity of emission of the electronic money but also the exchange regulations “.

In Cameroon, this measure concerns particularly the local subsidiary of the South African telecom operator MTN International, whose banking partner on the Mobile Money product is Cameroonian bank Afriland First Bank.

Indeed, MTN Cameroon launched, in January 2017, an offer enabling its subscribers of this service to make transfers of money to 25 African countries.

No more endless queues and long hours in transportation. With MTN Mobile Money, you can now send money to 25 countries in Africa from your MTN Mobile Money account, “read the operator’s messages.

Until the last exit of the governor of the BEAC, this offer was valid for CEMAC countries such as Gabon and Congo, but also for West African countries such as Benin, Burkina Faso , Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Nigeria, Senegal and Togo.

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Deckson N.