WorldRemit launches in Cameroon
Published on 3rd November 2016
International mobile financial services provider WorldRemit has entered into partnerships with MTN Mobile Money, Express Union and Banque Atlantique signalling the launch of its digital money transfer service in Cameroon.
The service means consumers in Cameroon can make use of mobile money, cash pickup and/ or bank transfer to receive money sent from abroad.
According to WorldRemit there is high growth potential in remittances to mobile money accounts and only 12% of adults in Cameroon hold bank accounts.
Remittances play an important role in Cameroon's economy - Cameroon received $244m in remittances in 2015 according to the World Bank, more than double the amount in 2010.
Catherine Wines, co-founder and Executive Director at WorldRemit, comments: "We see the diaspora of Cameroon as leading the way in adoption of digital money transfers. Sending money through our app becomes as easy as sending an instant message – no more waiting in line at expensive money transfer agents. Our partnerships with trusted brands like MTN Mobile Money, Express Union and Banque Atlantique offer unrivaled local expertise and more payout options to the benefit of consumers.
In February this year the GSMA's 2015 State of the Industry Report on Mobile Financial Services revealed that the number of mobile money accounts exceeded 130 million, with over 100 million registered users added in 2015.
The Report added that there were 1 billion mobile money transactions in December 2015 (approximately 33 million per day), and 411 million registered mobile money users (with at least 19 countries with more mobile money accounts than bank accounts.)