Mobile Money Cameroon – Mobile Wallet
Mobile money Cameroon is a new tech service that permits clients to gain access to financial services through the use of mobile phones. This is done by dialing Unstructured Supplementary Service Data (USSD) codes provided for by mobile network operators. USSD codes are protocols for mobile technology communication used to data from mobile phones to applications and programs in a mobile network. They are cost-free and do not require access to an internet connection for execution. This technological innovation is a real financial breakthrough and is currently available in numerous countries worldwide. However, its use is mostly used in countries like Cameroon where citizens find it difficult to open bank accounts or access other banking services.
Mobile money was first launched as MTN Mobile Money (MTN MoMo) in Cameroon by MTN Group subsidiary MTN Cameroon in the year 2010. A year later, Orange Cameroon brought forth its mobile money service known as Orange Money (OMO). According to the info provided by these two mobile operators, the total number of mobile money subscribers reached 2.7 million and 2.2 million for MTN and Orange respectively. An earlier analysis in December 2015 showed that their number of active mobile money users was at approximately 22,000 and 200,000 for MTN and Orange respectively. These figures have since then increased due to the panel of mobile money services which is constantly under development and update.
Services offered by mobile money
This mobile tech enables people to carry out financial transactions from anywhere using their cellphones. It equally serves as a mode of payment for users at business places and petrol points among others. From the welcome page after dialing the USSD code *126#, numerous service options exist as given below.
Money transfer: this option permits users to send money to other mobile money users, detainees of accounts with other operators as well as to MTN subscribers who do not have a mobile money account.
Pay bills or services: here, users can settle bills ranging from electricity for ENEO, school, and examination fees to insurance fees. They can equally settle bills for their purchases in shops via ma merchant ID.
Buy MTN products: SMS bundles, local and international call bundles, and internet bundles can all be directly purchased from mobile money.
Bank operations: with this option, mobile money users who equally own bank accounts can carry out a limited number of transactions using their mobile money accounts. They can send funds from their bank accounts to their mobile money accounts and vice versa. They can equally use their mobile money as an ATM output device.
Loans: this is the most updated services MTN Cameroon is offering to its clients. It is aimed at providing micro-loan solutions to eligible mobile money users who have a minimum of 18 years.
My account: this option is most handy when users wish to manage activities related to their accounts. It provides details concerning the last 5 transactions made and permits the consultation of the account balance. It is even more valuable when a user feels their account has been tampered with and wishes to change their secret code.
Mobile money in Cameroon is one of the most revolutionary breaks through the national financial sector that has benefited from this past decade. Not only has it brought about the facility in the transfer and reception of money but it has equally made easy the displacement of funds from one place to another.