CAMEROON: BEAC withdraws Nexttel’s mobile money service license

Benoît Yaoussou will not be able to launch Nexttel’s mobile money service “by the end of 2021” as he wished for when assuming office as the CEO of the mobile telephony operator in April 2021. In its new report on the state of electronic payment in the CEMAC zone in 2020, the Bank of Central African States (BEAC) explains that the license issued to UBA Cameroon for the launch of the payment service has been withdrawn because the two partners in the endeavor failed to launch the service within the required timeframe. 

Indeed, the partnership between UBA and Nexttel for the launch of the mobile money service “Nexttel Possa” was approved by the BEAC on March 12, 2018. At the time, the two partners were allowed up to six months to launch the proposed service. 

However, due to a leadership battle between its shareholders, Nexttel has been unable to launch the service, which was to boost competition in the local mobile money market currently disputed by MTN and Orange. 

SOURCE: businessincameroon