Campost-YunusPay to drive social, financial inclusion in Cameroon
A new financial technology solution named Campost-YunusPay has been rolled out in Cameroon, which the country’s Minister of Posts and Telecommunications, Minette Libom Li Likeng, believes will be a key catalyst for driving financial inclusion.
Campost-YunusPay, an ecosystem of integrated mobile financial services, was officially deployed on 5 April. The ‘super app’ is backed by Yunus SA, a subsidiary of UK-based fintech and telecoms value-added services provider VYZYO, and state-owned Cameroon Postal Services (Campost).
According to Jéhu Ndoumi of Yunus SA, through the Campost-Yunus super app, users will be able to access services including money transfer, payment, micro-insurance, micro-credit, saving, crowdfunding, and payment in instalments, among others.
“Yunus will bring financial services to the Cameroonian population to enable them to access, and at low cost, financial services wherever they are – even in the most remote areas,” Ndoumi said.
He added that the public-private partnership will help realise the country’s digital economy vision.
The fintech company will also deploy its intelligent Point of Sale (PoS) terminals in Campost branches and other strategic locations across the country.
Yunus says its PoS terminals are secure and integrated into the Campost-YunusPay platform. The terminals include a contactless NFC module, intuitive touch screen and camera, as well as all necessary local, regional and international certifications from Visa, Mastercard, Union Pay and other popular payment methods.
The PoS terminals will allow Campost customers to make payments with traditional debit and credit cards as well as contactless mobile payments with QR code and NFC.
In areas where there is limited or no connectivity, people will still be able to use Campost-YunusPay services by visiting one of the 251 Campost branches spread across the 10 administrative regions of Cameroon.
Minister Libom said the new digital platform will help promote ‘genuine financial and social inclusion’, through the deployment and operation of new services, accessible to the entire Cameroonian population.
She added that it will lead to the democratisation of access to basic social services, and improve the opportunities, well-being, and dignity of individuals and communities.
The telecoms minister indicated that an agreement has been reached with Yunus for the fintech company to contribute to the stimulation of digital innovation and the promotion of start-ups.
This will be achieved through technical assistance in the operation and development of customer services, e-commerce ecosystems, and fintech and insuretech with the Cameroon Digital Innovation Center (CDIC).
The minister said: “Today, in the digital sector, the objective is to considerably reduce the digital divide, and put in place a system of economic governance. This, more precisely, entails increasing the internet penetration rate, digital access index, the rate of data transfer and reduce the level of digital divide by 2029.”