More Africa NewsCameroon: Nexttel promises Mobile Money service “by the end of this year”, in partnership with UBA

June 8, 2021by myles0
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The mobile operator Nexttel, controlled by the Vietnamese group Viettel, has undertaken to launch the “Nexttel Possa” service this year in partnership with the Nigerian bank UBA. It will thus compete with the mobile money services of Orange and MTN.

The launch of the Mobile Money service of the mobile operator Viettel Cameroon, which operates under the trade name of Nexttel, figures prominently in the priorities of Benoît Yaoussou, the new CEO of this company. Entrusting himself to the public capital daily, Cameroon Tribune, the latter aims to launch this service “  by the end of the year  ” 2021.

Called “Nexttel Possa”, which can be literally translated as “Nexttel’s wallet”, this service will be launched in partnership with the Cameroonian subsidiary of the Nigerian banking group UBA, as required by the regulations in force in the area. Cemac (Cameroon, Congo, Gabon, Chad, Equatorial Guinea, CAR). This partnership was authorized on March 12, 2018 by the Bank of Central African States (Beac), the issuing institution of the six Cemac States.

The Beac then gave Nexttel and UBA six months at most, to launch the new Mobile Money service. But since then, entangled in a battle between its shareholders, Nexttel has so far been unable to materialize this project, which will boost the competition that MTN and Orange Cameroon are already engaged in in the local electronic money market.

Source: Agence Ecofin

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