UBA Cameroon launches free mobile money service!

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