All mobile money transactions and online payments in Cameroon will be carried out using a unique USSD code.

All mobile money transactions and online payments in Cameroon will be carried out using a unique USSD code - #237#, irrespective of the mobile operator.

The code was rolled out on 31 March 2020 by Minette Libom Li Likeng, Minister of Posts and Telecommunications, and will be managed by the state-owned Cameroon Postal Services (CAMPOST).

The unique code is the outcome of the Electronic Communications Aggregation Platform project initiated by the telecommunications ministry in 2017.

It comprises a national infrastructure switch for electronic payment and is designed to enhance the supply of value-added services including government payment, settling of utility bills and purchases.

According to IT officials at CAMPOST, the #237# unified gateway, which incorporates a payment transaction platform and makes use of electronic communication technologies, will enable traditional Fintech companies to offer their services through mobile phones - without requiring an internet connection.

Minister Li Likeng said the platform was developed against the backdrop of unfair practices by dominant operators within the country’s mobile money market. “Despite the many benefits that come with mobile payment and other value-added services, the main infrastructure owners, notably mobile telecommunications network operators, in a bid to protect their market bases and dominant positions, have, on many occasions, blocked market entry to smaller yet more innovative operators, and by so doing, stifling competition and hindering the development of new services.”

According to the minister, besides easing the entry of new players into the sector, the platform will ensure interoperability of standalone systems as Fintech companies will be able to provide their services across all mobile phone networks without signing contracts with individual operators.

She pointed out that the development will ease operations, make them faster and less expensive.

A tweet posted by Li Likeng reads: “The advantages of such a switching infrastructure are numerous… And here we are only quoting the biggest which are: provide an enabling environment for start-ups and allow them to provide financial services from their applications.”

The government is also keen on taking stock of all digital financial transactions for taxation purposes and to ensure traceability in order to curb financial crimes and illicit financial flows.

The government has set financial inclusion as a strategic priority in the development of its digital economy, eyeing an increase in the financial inclusion rate from 40% to 98% to equal the mobile phone penetration rate.

The major mobile operators, who are expected to propose their services through the new platform, are yet to directly react to the development.

However, MTN Cameroon has issued a communique informing its subscribers that the USSD code #237# is not administered by its services.