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Cameroon grants MTN payment services license

By , Freelance Investigative Journalist
Cameroon , 18 May 2023
MTN Cameroon CEO Mitwa Kaemba Ng'ambi and team on MoMo charm offensive.
MTN Cameroon CEO Mitwa Kaemba Ng'ambi and team on MoMo charm offensive.

MTN Cameroon’s fintech subsidiary Mobile Money Corporation (MMC) has obtained a payment services provider license from the Banking Commission of Central Africa through the Ministry of Finance.

Before this, MTN Cameroon has been using mobile payment license held by Afriland First Bank, which enabled it to offer mobile money services.

Now, with the regulatory approval this week, MMC will now independently offering services including cash deposits, transfers and withdrawals of money as well as airtime and bundles purchases.

The license also permits MMC to offer international money transfers, settlement of utility bills, payment of school fees, salaries, taxes and duties, fundraising and remittances.

“When we established our fintech subsidiary, MMC, our dream was to build a MoMo ecosystem accessible to all,” said Mitwa Kaemba Ng'ambi, MTN Cameroon CEO.

On Tuesday, during a press conference in Douala, Alain Nono, MMC CEO, commented: “With this license, our more than five million customers who transact every month, can look forward to a wider range of innovative and affordable fintech services.”

At the event, Nono also announced the rolling out of a new offer, MTN MoMoKash, in partnership with local microfinance firms, which will enable customers to get instant loans.

MoMoKash offers loans of up to 100,000 francs CFA at 7.5% interest rate, repayable in two weeks. No interest will apply if the loan is reimbursed within three days during the promotional period.

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