Cameroon’s Camtel Plans to Launch Mobile Financial Services by 2025

State-owned Cameroon Telecommunications (Camtel) has announced plans to introduce mobile financial services in 2025. The move is part of its broader strategy to diversify offerings and strengthen its position in the digital economy. Camtel aims to leverage its existing infrastructure to provide secure and accessible financial solutions, including mobile payments, money transfers, and lending services.

The initiative comes as mobile money platforms continue to thrive across Africa, with growing demand for digital financial services from unbanked and underbanked populations. With over 70% of Cameroon's population lacking access to traditional banking services, Camtel’s entry into mobile financial services could play a crucial role in fostering financial inclusion.

By aligning with regulatory frameworks and forming strategic partnerships, Camtel seeks to compete with established players like MTN Mobile Money and Orange Money, which dominate the Cameroonian market. The company has emphasized the importance of building customer trust and providing user-friendly solutions as it prepares for this significant milestone.

SOURCE:AGENCIES