With Mobile Money, you can make payments and make money transfers internationally. And with the worldwide adoption of Mobile Money platforms including countries in Africa, you can even send money to Cameroon, with mobile money.
Cameroon is a country located in West-Central Africa and shares borders with Nigeria it has a population of 27 million. The country has had a history of strong economic performance, with a GDP growing at an average of 4% per year. The country is also a member of the Bank of Central African States, of which it is the dominant economy, and its currency is the CFA Franc. Despite the country’s economic buoyancy, about 23.85 of its population were living below the poverty line in 2014. This is also one of the main reasons, why the country tops the chart in terms of remittances. This isn’t only because of its large migrant worker population, but also because financial solutions such as Mobile Money have made payments seamless and fast.
Based on a report by the World Bank, 76.2% of the total population either owns an account at a financial institution or with a Mobile Money service provider. It was also reported that over 1.7 million adults worldwide don’t have a bank account, but a large number have a mobile phone, which therefore makes Mobile Money a preferable option to traditional institutions such as the bank. In countries such as Cameroon, obtaining a bank account may seem tedious due to the numerous protocols and requirements. That is why many opt for more straightforward platforms like Mobile Money. Techcabal.com also mentioned that “Mobile Money is hugely popular among Cameroon’s 26.5 million people, mostly used by the unbanked, middle and lower-class citizens and small business owners”. And only about 35% of its total population has a bank account.
What is Mobile Money?
Mobile Money describes platforms that facilitate financial transactions, usually done through a mobile device. The value is stored digitally in an account associated with a Subscriber Identity Module (SIM) Card. Transactions conducted through a platform such as these usually do not require internet access., and enable its users to pay for goods and services.
How does it help in Sending Money?
Mobile Money has enabled its users to pay for bills such as school fees, and meter fees and make other payments with just a mobile device. Cash withdrawal can also be done with these platforms at authorized agents. You can also send money, but most times this feature is limited to local countries or nearby locations. And with just a Mobile phone number, transactions can be done. Compared to traditional methods of making payments, financial solutions such as Mobile Money has made payments fast and seamless.
How does Mobile Money work?
Mobile Money works on any mobile device and usually uses the user’s phone number in place of the account number. The funds are stored in an electronic account and are not run by Banks but by Mobile phone operators or Mobile Money operators.
How secure is Mobile Money?
The funds stored in a Mobile Money Account are guarded by financial regulations. To prevent fraud and misrepresentation, Mobile Money providers make use of a KYC protocol. Where the users are required to provide a government-issued identification, before making payments. All transactions conducted through the platforms such as these are recorded, and the user’s account balance is also stored so that in case of SIM card loss, the individual’s information can be restored.
How to send money to a Mobile Money account in Cameroon
With ATL Money Transfer, you can choose from a long list of Payment methods, including Mobile money.
Simply follow the steps below;
- Visit the website or download the ATL money transfer app
- Enter the amount you wish to transfer
- Fill in the details of the recipient
- You will then be directed to the payments section, after which your payment is complete
- You can now sit back and relax
Website Link: https://beta.atlmoneytransfer.com/
Android: https://bit.ly/3wtLpmn
Ios: https://apple.co/3clB5WS
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