United Bank for Africa launches M2U Money as Fintech flourishes in Cameroon
Nigerian multinational pan-African banking group United Bank for Africa (UBA) has launched a new mobile money solution M2U Money in Cameroon.
In 2018 UBA announced its intention to collaborate with Viettel Cameroon SA (Nexttel) to launch a solution and engage the Cameroon market. The company secured authorisation from the Central African Banking Commission (COBAC) to run a mobile money service known as Possa in partnership with Nexttel.
However, the project was beset by delay due mainly to a drawn-out managerial crisis at Nexttel, until the licence was eventually withdrawn by the regulator.
Four years on and the UBA’s new mobile money solution is being deployed in partnership with Ossix Technologies, LLC.
M2U Money is an e-wallet and financial service solution based on web and mobile technologies.
THE UBA released a statement in which it said that as the application has gone live, negotiations are underway with the country’s telecommunications regulator to obtain a USSD code for the solution.
Managing Director/CEO of UBA Cameroon Jude Anele said: “We took our time to come up with a solution that will help penetrate both the urban and rural areas and facilitate payment both in Cameroon and across the CEMAC region.”
The bank is touting M2U Money as a “a secured, rapid and innovative money transfer solution” which permits users to carry out all types of transactions thanks to interoperability facilitated by Interbank Electronic Banking Group of Central Africa (GIMAC).
Cameroon Country Head of M2U Mobile Money, Willy Brize Ngangue said with M2U Money, users can send and withdraw money at no service charge, besides the 0.2% tax money mobile tax imposed by the government.
He did not indicate how long the free offer would last.
Ngangue also indicated that the solution can be used to make bulk payments, settle utility bills, execute merchant payments, receive international transfers, apply for micro loans, amongst others, irrespective of whether the user has a bank account or not.
UBA will compete against MTN Cameroon and Orange Cameroun with MTN MoMo and Orange Money respectively. Another key player is Express Union Mobile Money.