MTN Cameroon‘s financial technology subsidiary, Mobile Money Corporation (MMC), has recently been granted a licence to operate as a payment services provider by the Banking Commission of Central Africa via the Ministry of Finance.
Before this, MTN Cameroon was able to offer mobile money services thanks to a mobile payment licence held by Afriland First Bank. This licence allowed MTN Cameroon to accept mobile payments.
Now, with the regulatory permission received this week, MMC will now be able to offer services independently. These services will include the ability to make cash deposits, transfers, and withdrawals, in addition to the purchase of airtime and bundles.
Additionally, the licence enables MMC to provide services such as foreign money transfers, the settlement of utility bills, the payment of school fees, salaries, taxes and levies, as well as remittances and fundraisers.
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Mitwa Kaemba Ng’ambi, the chief executive officer of MTN Cameroon, stated that the company’s goal in launching its fintech subsidiary, MMC, was to create a MoMo ecosystem that was available to everyone.
During a press conference held in Douala, MMC Chief Executive Officer Alain Nono stated that with this licence, the company’s more than five million clients who transact every month might look forward to a wider choice of innovative and cheap fintech offerings.
During the ceremony, Nono also announced the launch of a new service called MTN MoMoKash, which will enable clients to receive quick loans and is being provided in partnership with local microfinance institutions.
MoMoKash customers can borrow up to 100,000 CFA francs at an interest rate of 7.5%, and the loan must be repaid within two weeks. If the loan is paid back within three days during the promotional period, there will be no interest charged to the borrower.
Statements from some Executives of Mobile Money Corporation (MMC)
“When we established our FinTech subsidiary, the Mobile Money Corporation (MMC), our dream was to build a MoMo ecosystem accessible to all,” said MTN Cameroon CEO Mitwa Kaemba Ng’ambi.
Today, we are proud to announce that MC has now been granted its own Payment Services Provider License, allowing it to offer even more diverse FinTech services.
We thank all Stakeholders for their support and belief in MMC to drive the financial inclusion agenda of Cameroon.”
“As the Mobile Money Corporation (MMC) and FinTech subsidiary of MTN Cameroon, we are extremely excited to have been granted a Payment Services Provider License” – Alain Nono, CEO, Mobile Money Corporation.
With this License, our more than 5 million customers who transact every month can look forward to a wider range of innovative and affordable FinTech services”.
About MTN Mobile Money
MTN Mobile Money is a secure electronic service that lets wallet holders save monies, transfer and receive money, make payments, and more using their mobile phone. Fast, easy, convenient, and cheap. MTN offers it in several African nations with over 10 partner banks.
MTN Mobile Money secures funds in a mobile phone number-linked account. Check your recipient’s MTN Mobile Money account before sending funds.
MTN’s website or specialised agents can provide information about MTN Mobile Money services in a certain country.
MTN Mobile Money wallet users have several options; Fund and store, Pay any MTN mobile phone subscriber, registered or not. Pay local mobile phone users, Withdraw cash from any authorised MTN Mobile Money agent, MTN top-up, Bills, insurance, Pay for school, airline, and employee pay.
MTN Mobile Money balances can be checked in several ways. The MTN app is amazing. It checks rates and balances. It improves MTN mobile service management as well.
MTN Mobile Money users can receive money from abroad through WorldRemit. WorldRemit lets you receive money from over 50 countries in your MTN Mobile Money wallet.
Also, keep in mind that using the WorldRemit app to receive money from another country is the method that is both the quickest and most effective.