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UBA Cameroon launches free mobile money service!

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The new product, M2U Money, offers innovative, secured, fast, user-friendly electronic-wallet financial service
solution to users, with or without bank accounts, through online platform based on web & mobile technologies

Leading Pan-African financial institution, United Bank for
Africa, UBA Cameroon, now offers free Mobile Money services,
aimed at facilitating electronic transactions for its ever-growing clientele in the country. The new product dubbed M2U Money, was officially launched in Yaounde yesterday. M2U Money, it should be said, is a Mobile Money transfer and e-wallet
solution offering secure, fast financial services through a user-friendly and easy-to-use online platform based both on web and mobile technologies. Speaking at the ceremony, the Managing Director/CEO of UBA Cameroon, Jude Anele, said M2U Money comes in as fulfilment of their pledge to champion retail banking services in Cameroon. M2U Money, Anele added, is launched as an efficient and cost-effective solution to provide retail banking to the population. “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,” Anele said. M2U Money to solve financial inclusion
challenges On her part, the Deputy Managing Director of UBA Cameroon, Marguerite Fonkwen, while expressing gratitude to all and sundry for taking time off their busy schedule to witness the launch, said M2U Money would help resolve the problem of financial inclusion which still remains a preoccupation to government.
Fonkwen reiterated that M2U Money is a secured, rapid and innovative money transfer solution that uses mobile transactions and electronic wallet which permits
users to do all types of transactions. She used the opportunity to thank all UBA Cameroon partners for supporting the financial institution to realise the product. Fonkwen appreciated government’s multifaceted support to and pledged that the bank remains ready and always available to serve. She also thanked the banking regulator, the Central Bank, for permitting them and authorising the launching of the product. The Deputy Managing Director said the bank still plans not only to open many more branches in the country but to continue providing customer-friendly
and innovative services and digital financial solutions to its increasing customers. UBA Cameroon, Fonkwen told her hearers, has been in Cameroon for 15 years with over 20 branches created, over 500 youths employed with over 850, 000 customers from all walks of
life and age brackets. UBA Cameroon Board encourages team
The representative of the President of the UBA Cameroon Board of Directors, for his part, hailed the team for coming up with the solution to money transfer and urged them not to relent in offering
the best banking services to Cameroonians. He said they are confident M2U Money will be a huge success, thanks to
the crack team that is in place to market it to Cameroonians.
Country Head explains how M2U Money works The Country Head of M2U Money, Willy Ngangue, said the UBA-powered
product, created in partnership with OSSIX Technologies, is an innovative solution that would take their services to the doorsteps of Cameroonians; especially as Mobile Money services have fast become part and parcel of the daily lives of citizens. This, he added, is because electronic wallets and mobile bank accounts which allow for phone-controlled payments
and transactions are increasingly being used more than traditional bank
accounts. Ngangue said M2U Money brings in a wealth of practical innovative solutions, through cutting-edge services to the
Cameroon population with deposits, transfers, withdrawals and payments done free of charge but for the 0.2% government tax on electronic money transactions.
The UBA official added that M2U Money equally provides an e-commerce
environment, where merchants and purchasers of goods and services meet convivially, in a totally secured without space and easily carry out their online purchases from their providers of goods
and services. He said with the M2U Money service, users can send and receive money directly into their bank accounts, irrespective of the bank where the account is domiciled in Cameroon and other
electronic money transfer services.Ngangue furthered that M2U Money allows users with or without a bank account, living in rural or urban areas,salaried or not, young or old, natural orlegal entity, to perform all financial transactions.How to creating
M2U Money account Ngangue explained that after downloading
the application, users can follow the procedures and create an account with their ID card, passport and phone number. The user, he added, has to create a 6 digit confidential PIN code to secure his account. He said M2U Money also allows users to link their UBA accounts and do wallet to wallet money transfer, credit their wallet from PayPal and prepaid card, deposit and withdraw funds, pay for goods and services etc. Ngangue said money can also be sent
and withdrawn by a third party in a cash point without a card from an ATM and
micro-credit.
M2U also has a platform respond to
complaints from customers.
Transactions between M2U Money and
bank accounts are free and with possibility
to send money using other mobile
money services.
Youth leader hails initiative
Speaking at the ceremony, the
President of Cameroon’s Emerging and
Republican Youth, Cathy Meba, lauded
UBA Cameroon creating M2U Money
which she said comes as solution to
fight high cost of living and improve living
standards. She said the M2U Money
will help support those in informal sector,
the economy and create jobs and
fight unemployment among youths.
“For my part, UBA is a republican
company. Its activities are in line with
the will and objectives of the Head of
State, H.E Paul Biya, for an emerging
Cameroon,” Meba said, while urging
youth to massively subscribe to M2U
Money which tends to get Africa out of
the yoke of neo-colonialism.
The ceremony was attended by representatives
of various government structures
charged with banking sector

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Ethiopia defaults on $33 Million bond payment

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Ethiopia officially entered default territory on Tuesday, becoming Africa’s third nation to do so within a span of three years. The failure to make a $33 million « coupon » payment on its sole international government bond underscores the country’s severe financial challenges exacerbated by the COVID-19 pandemic and a recently concluded two-year civil war in November 2022.

Ethiopia had previously announced its intention to formally default earlier this month. The payment, originally due on December 11, had a technical grace period extending until Tuesday, thanks to a 14-day clause in the $1 billion bond agreement.

Sources familiar with the situation reported that, as of the close of business on Friday, December 22, the last international banking working day before the grace period ended, bondholders had not received the expected coupon payment. Despite requests for comments, Ethiopian government officials remained silent on Friday and throughout the weekend.

This anticipated default aligns Ethiopia with two other African nations, Zambia and Ghana, which are currently undergoing a comprehensive restructuring process under the « Common Framework. »

Ethiopia initially sought debt relief under the G20-led initiative in early 2021. The civil war delayed progress, but in November, facing depleted foreign exchange reserves and surging inflation, Ethiopia’s official sector government creditors, including China, agreed to a debt service suspension deal.

Parallel negotiations with pension funds and other private sector creditors, who hold Ethiopia’s bond, collapsed on December 8. Subsequently, credit ratings agency S&P Global downgraded the bond to « Default » on December 15, based on the assumption that the coupon payment would not be fulfilled. The default places Ethiopia in a challenging economic position, requiring strategic measures to address its financial instability and navigate the complexities of debt restructuring.

 

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TotalEnergies ready to invest $6 billion in Nigeria

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French energy giant TotalEnergies is ready to invest $6 billion (around €5.5 billion) over several years in Nigeria’s energy industry, particularly in gas and offshore projects, the Nigerian presidency has said.

« We are ready to invest $6 billion over the next few years. We are looking in depth at more opportunities for deepwater and gas production, » said TotalEnergies CEO Patrick Pouyanné, according to a presidential statement.

On Monday, Head of State Bola Ahmed Tinubu held talks with Mr Pouyanné in Abuja, the capital.

« Everything is in place. We just need to finalise the adjustments and changes needed to unlock the exceptional potential in oil and gas », continued Mr Pouyanné, according to the Presidency.

Nigeria is « very important » for TotalEnergies, which accounts for between 8% and 10% of the group’s total oil production, according to the CEO quoted in the press release.

For his part, the Nigerian president pledged to « remove all obstacles in the oil and gas industry ». « We are ready to work with you », he said.

The oil and gas major indicated that it « has a substantial portfolio of projects that could represent 6 billion dollars of investment over the next few years ».

Ten days ago, the Nigerian president’s office announced similar commitments from British oil and gas giant Shell, for USD 6 billion in offshore, natural gas and liquefied natural gas (LNG) projects.

Since his inauguration at the end of May, Bola Ahmed Tinubu has taken a series of economic measures aimed at attracting more foreign investment to this oil-producing country and member of OPEC.

A law, the Petroleum Industry Bill, adopted in 2021 after years of debate and delays, was already aimed at attracting more foreign investment in the oil sector through changes to regulations, royalties and taxes.

Nigeria has seen its oil production decline in recent years due to widespread pipeline theft, attacks, high operating costs and red tape, which have deterred investors.

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Nigeria, Cameroon missing in top 10 best international airports in Africa

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Africa is emerging as a preferred global destination for travellers, driven by a thriving tourism and business sector. The continent’s aviation landscape is now a formidable force, fostering crucial connections between Africa and the global community.

Recently, Skytrax, a renowned international airline assessment organization, revealed its 2023 report on the Best Airports in Africa. South Africa dominated the regional ranking, with additional entries from Kenya, Morocco, Rwanda, and Mauritius.

1. Cape Town International Airport, South Africa

This is a premier international hub with modern infrastructure and a commitment to eco-friendly practices. The airport hosts 4.13 passengers per 10 square meters daily, catering to a discerning crowd.

2. King Shaka International Airport, South Africa

Located in Durban, it stands as a beacon of excellence among Africa’s best international airports. The terminal, covering 102,000 m2, can handle 7.5 million passengers annually.

3. Johannesburg International Airport, South Africa

Serving as the primary hub for domestic and international travel in South Africa. Since 2020, Africa’s fifth busiest airport with a capacity for 28 million passengers per year.

4. Casablanca International Airport, Morocco

Handled about 7.6 million passengers in 2022, ranking among the top 10 busiest airports in Africa. A hub for Royal Air Maroc, Royal Air Maroc Express, and Air Arabia Maroc.

5. Mauritius International Airport

A strategic gateway with direct flights to Africa, Asia, Australia, and Europe. Renowned for its commitment to passenger satisfaction and prime location.

6. Marrakech International Airport, Morocco

An international facility connecting Europe, the Arab world, and soon North America. Terminals designed to handle 2,500,000 passengers annually.

7. Addis Ababa International Airport, Ethiopia

Formerly Haile Selassie I International Airport, it’s the main hub for Ethiopian Airlines. Links Ethiopia and Africa to Asia, Europe, North America, and South America.

8. Kigali International Airport, Rwanda

Serving Kigali and playing a vital role in connecting Congolese, Burundian, and Ugandan cities. The terminal accommodates 1.5 million passengers annually.

9. Nairobi International Airport, Kenya

A key connection point to East African destinations, quadrupling its capacity to host 26.5 million passengers yearly.

10. Bloemfontein International Airport, South Africa

Formerly Bloemfontein International Airport, now Bram Fischer International Airport. An economic hub hosting over 300,000 passengers and 17,000 air traffic movements annually.

Source: africanews

 

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