Camtel announces the launch of « Blue Money, » its mobile money service in 2025 📱💵

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Cameroon Telecommunications (Camtel), the national telecom operator, has unveiled plans to launch « Blue Money, » a mobile payment service, in 2025. This initiative is part of a broader expansion strategy aimed at strengthening Camtel’s position in the mobile money market in Cameroon and Central Africa. The operator seeks to delve deeper into the rapidly growing financial services sector.

A new development for the « Blue » network 📶

Despite ongoing issues with its network since 2014, Camtel has continuously invested in expanding its offerings. The launch of « Blue Money » is part of this modernization and growth plan. By the end of 2024, the « Blue » mobile network, already deployed in several regions, is expected to become fully operational, covering the entirety of Cameroon. Backed by a fiber optic infrastructure spanning over 12,000 kilometers, Camtel aims to provide reliable services. According to Gilbert Ngono, Camtel’s Director of Cooperation, the company is prepared to offer mobile financial services tailored to the increasing demand for mobile payment solutions.

A booming sector💰

Cameroon’s mobile money market is experiencing significant growth, with over 21 million accounts estimated in 2022, according to the Bank of Central African States (BEAC). The market is currently dominated by foreign operators such as Orange and MTN, which hold nearly 95% of the market share. However, the growing demand for accessible and convenient financial services presents an opportunity for Camtel.

Through « Blue Money, » Camtel aims to capitalize on the popularity of mobile money and promote financial inclusion. The company plans to offer accessible services to all Cameroonians, including those in underserved rural areas.

Although competition is fierce, Camtel remains optimistic about its prospects. Mobile money transaction volumes have surged in recent years, reaching CFAF 12,151 billion in 2020, up from CFAF 887 billion in 2016. This trend indicates significant growth potential for the market, and Camtel aims to establish itself as a key player in this dynamic environment.

The role of « Blue Money » in financial inclusion 🌍

« Blue Money » is more than just a mobile payment solution; it is part of Camtel’s long-term vision to enhance financial inclusion in Cameroon. A substantial portion of the population remains excluded from traditional banking systems. Mobile money has become a tool for millions to access basic financial services, including money transfers, bill payments, and savings.

With « Blue Money, » Camtel seeks to address the needs of the unbanked population while facilitating access to financial services in remote areas. By simplifying transactions and payments via mobile, the service aims to integrate citizens into the digital economy, stimulate online commerce, and encourage the use of digital payment platforms—thus contributing to Cameroon’s digital economic growth.

Financial backing and partnerships for « Blue Money » 💳

To support the development and rollout of « Blue Money, » Camtel has secured CFAF 53 billion in bank credit from a consortium led by the Commercial Bank of Cameroon. This funding will enable the operator to invest in the necessary infrastructure for an effective launch.

Camtel also plans to establish strategic partnerships with local businesses and mobile applications. A wide and accessible distribution network is in the pipeline to ensure that the service is available nationwide.

The involvement of financial partners, regulatory bodies, and local stakeholders is expected to play a critical role in the success of « Blue Money. » Additionally, Cameroonian authorities could contribute to the service’s growth by ensuring compliance with standards and protecting users.

What does the future hold for « Blue Money »? 🤔

Although the mobile money market is dominated by Orange and MTN, Camtel appears determined to make its mark with « Blue Money. » The public operator has several advantages, including its extensive telecommunications infrastructure, a mobile telephony license, and expertise in the ICT sector.

However, succeeding in this highly competitive sector will require overcoming challenges such as customer retention, transaction security, and widespread adoption.

The arrival of « Blue Money » could disrupt the market’s dominant players and offer new opportunities to Cameroonians. If Camtel establishes itself as a trusted provider of mobile financial services, it could transform the digital payment landscape in Cameroon and the region.

Does « Blue Money » stand a chance despite persistent network issues? 🤔

Share your thoughts in the comments! ☺️

Sources :Eco matin, Cameroun web, TeleAsu