Surveys show that Cameroon has an estimated client base of 5.4 million people that enjoy the mobile money services. The market is shared by Orange with 2.8 million and 2.6 million for its competitor MTN.
To show the impact of mobile money in Cameroon, one has to put into comparison the banks and mobile money in the country ; Banking development rates in Cameroon are at 20% and despite this being an improvement in the country over the last ten years (with it being formerly at 10%), it is nothing compared to the mobile penetration rate that drastically rose from 9.8% to 71% between 2004 and 2014 and continues to grow.
Businesses transacting in Cameroon with hope of expanding Africa wide will face a challenge of difference in mobile payment services across the continent. Sending to and from Cameroon is hindered by the fact that each African country has distinguishing mobile services and payment modes for instance Nigeria’s use of online banking and Cameroon’s mobile money can restrict business between the two countries.
What should businesses do to ensure Africa wide collaborations despite contrasting mobile and pay services ?
Businesses should lean towards DUSUPAY to help curb this conundrum, the innovations put in place by Dusupay enable businesses to have merchant accounts that aid movement of money between multitudes in different countries. The Dusupay integration ensures businesses in Cameroon can pay out and accept money on any payment alternative they find suitable since DUSUPAY provides an assortment of pay options to select from hence business in Africa is simplified.