The roll out of Nexttel’s mobile money service is one of the key priorities of new CEO Benoît Yaoussou. The executive explained that by the end of 2021, Viettel Cameroon, operating under the brand name Nexttel, will introduce its mobile money services.
“Nexttel Possa”, which means “Nexttel wallet” will be launched in collaboration with UBA Cameroon in compliance with CEMAC regulations. Their collaboration for that purpose was authorized by the central bank of the CEMAC region, BEAC, on March 12, 2018.
At the time, BEAC (Bank of Central African States) allowed Nexttel and UBA six months to introduce the mobile money service. However, the project was not implemented till now because of power struggles between Nexttel’s shareholders. This service will boost competition in the local electronic money market where only MTN and Orange Cameroon are currently operating.