UBA Cameroon has launched its new mobile money solution, M2U Money, in partnership with Ossix Technologies, LLC. This e-wallet/financial service solution is based on web and mobile technologies.
ACCRA, GHANA | NOW THEN DIGITAL — In Cameroon, United Bank for Africa (UBA), a Nigerian multinational pan-African banking group, has launched a new mobile money solution called M2U Money as part of its expansion efforts.
- A joint venture between the UBA and Viettel Cameroon SA (Nexttel) was announced in 2018 to launch a solution in Cameroon and engage the local market. In partnership with Nexttel, the company has obtained permission from the Central African Banking Commission (COBAC) to operate a mobile money service referred to as Possa.
- In the end, the project was beset by delays as a result of a long-running management crisis at Nexttel, which led the regulator eventually to withdraw the license of the company.
- As a result of the Possa project’s failure, United Bank for Africa (UBA) in Cameroon has now launched its latest mobile money service, M2U Money, in partnership with Ossix Technologies, LLC.
- M2U Money is described as a “secure, rapid, and innovative money transfer solution” that allows users to access all types of transactions due to interoperability provided by Interbank Electronic Banking Group of Central Africa (GIMAC).
- The Head of UBA’s M2U Mobile Money in Cameroon, Willy Brize Ngangue, said M2U Money allows users to send and withdraw money at zero charge, besides the 0.2% government tax on mobile money.
United Bank for Africa (UBA) announced in 2018 that it was collaborating with Viettel Cameroon SA (Nexttel) in order to launch a solution in Cameroon.
In partnership with Nexttel, the company secured approval from the Central African Banking Commission (COBAC) to operate a mobile money service known as Possa.
The project, however, suffered from delays due to a long-running management crisis at Nexttel, which ultimately led to the license being revoked.
What is M2U Money?
M2U Money is a mobile and web-based e-wallet and financial services solution.
The United Bank for Africa (UBA) is partnering with Ossix Technologies, LLC to deploy M2U Money, an e-wallet and financial service solution built on mobile and web technology developed over four years after the unsuccessful Possa project.
In its statement, UBA noted that negotiations are underway with the country’s telecommunications regulator to obtain a USSD code for the app now that it has gone live.
Jude Anele, Managing Director/CEO of UBA Cameroon said: “We took our time to come up with a solution that will help penetrate both the urban and rural areas and facilitate payment both in Cameroon and across the CEMAC region.”
“We took our time to come up with a solution that will help penetrate both the urban and rural areas and facilitate payment both in Cameroon and across the CEMAC region.”
M2U Money is marketed by the pan-African bank as a “secure, fast, and innovative money transfer solution” that facilitates all kinds of transactions thanks to the interoperability provided by Interbank Electronic Banking Group of Central Africa (GIMAC).
Willy Brize Ngangue, Country Head of UBA’s M2U Mobile Money in Cameroon, explained that users can send and withdraw money using M2U Money at no cost other than a 0.2% money mobile tax imposed by the government. He did not indicate when the free offer would expire.
“Sending or withdrawing money using M2U Money won’t cost any extra fee. The only fee that will be applied is the 0.2% tax on money transfers imposed by the Cameroonian government. That means our service is free,” the bank said, stressing that “M2U Money also provides an e-commerce space, where suppliers and buyers of goods and services can meet, in a friendly manner, in a fully secure virtual world.”
Ngangue also highlighted that the solution is capable of making bulk payments, handling utility bills, executing merchant payments, receiving international transfers, and applying for micro loans, regardless of whether or not the user has a bank account.
With the launch of M2U Money, UBA will now be competing against MTN Cameroon and Orange Cameroon with MTN MoMo and Orange Money, respectively. Express Union Mobile Money is another key player.
The M2 Money app can be found via this link on the Google PlayStore.
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