New alliance looks to bolster financial inclusivity in Cameroon
Mobile financial services technology company VYZYO, and the national provider of postal and financial services in Cameroon CAMPOST have entered into a partnership to deploy and operate digital payment and mobile financial services throughout Cameroon.
According to information supplied to the media, VYZYO will initially deploy its VYZYOPay solution for CAMPOST.
The mobile financial services technology platform will enable CAMPOST to securely rollout and manage digital payments for government services, money transfers and international remittances as well as mobile financial services for micro-credit and micro-savings.
As part of the partnership, VYZYO will also provide CAMPOST with strategic consultancy to increase the awareness, education and, most importantly, the adoption of these services, especially among the large underbanked and unbanked segments of the country’s population.
CAMPOST is also planning to enable digital payments and mobile financial services for higher education, welfare disbursement and micro-insurance.
“Our partnership with VYZYO and the new digital payment and mobile financial services we are launching together will strengthen our competitive positioning and create important new revenue streams for CAMPOST,” stated Pierre Kaldadak, CEO of CAMPOST. “More importantly and based on a strategic vision we share with VYZYO, our new digital services hold the potential to improve the lives of our customers in Cameroon and will deliver new access to essential services that were previously unavailable to many segments of our society.”
CAMPOST’s new services are intended to be both financially and socially inclusive and will be available to the entire population of the country, including those with limited or no access to banking services, healthcare and communications infrastructure.
Jéhu Ndoumi, Director General of VYZYO’s local subsidiary YUNUS Cameroon, said, “These new digital payment and mobile financial services will give all CAMPOST customers the opportunity to access new innovative transaction possibilities from the convenience of their mobile devices that were previously offered only by banks and insurance companies and were accessible only by the privileged segments of society.”
VYZYO will also deploy its smart point-of-sale (PoS) terminals at CAMPOST branches and other strategic locations around Cameroon. These POS terminals will be securely integrated with the VYZYOPay platform and include a contactless NFC module, intuitive touchscreen and camera along with all the necessary local, regional and international certifications from Visa, MasterCard, Union Pay and other popular payment methods.
These 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.
“These new services and the supporting local ecosystem we are building are strategically reshaping the landscape for digital payments and mobile financial services in Cameroon. With this, we are laying the foundation for what we believe every citizen around the world should have access to at a basic level,” explained VJ Odedra, founder and Group CEO of VYZYO.
“We are delighted with the growing demand we are experiencing from prominent organizations and institutions like CAMPOST and will be announcing similar new deployments of our VYZYOPay and other platforms, which include solutions for telecoms, messaging, VAS and Fintech services, in the very near future.”