Cameroun: Societe Generale partners with YUP to run mobile money services
6 April 2018
According to an authorisation from the central bank, SGC bank and its partner YUP Cameroun can now offer digital finance services. The authorization states that the financial institutions have 12 months as from March 2018 to kick start operations, else they forfeit their licences.
SGC joins UBA, Afriland Frist Bank and BICEC who all have authorisation to operate mobile services in the country. It should be noted that three mobile money services already operate in Cameroon after it was introduced in 2008 by Express Union.
Afriland Frist Bank and BICEC later brought in MTN Mobile Money and Orange Money. Going by Media Intelligence’s track data on mobile money services in Cameroon, there are about 6.8 million mobile money subscribers and close to 1.5 million active users in Cameroon.
Source: Journal du Cameroun