Express Union’s 2015 Balance Sheet of 60 New POS, 9 New Diversified Services, 753 New Jobs, 6 New Partners… Sets the Pace for 2016!!

Express Union, the number remitter in Cameroon, draws the curtains on 2015 with a report which presents a good number of achievements. They include, among others, 9 new diversified services (EU bill, EU salary payment, EU university registration,

EU communal tax payment, EU football club membership payment, EU hospital bill payment, EU project and EU gift), 6 new partnerships with MINEPAT (payment of the underprivileged), Banque Atlantique (salary payment), Douala II Council (payment of communal tax), Union Sportive de Douala (membership payment), Camrail (train ticket payment), University of Dschang and Yaounde I (university registration payment), 753 new jobs (total of 4600 employees), 6o new POS in Cameroon (total of 670 POS) and more than 200 POS in Central and West Africa thanks to partnerships with BGFI Bank and Qash Services and a good number of CSR actions in 5 sectors namely: education, health, social, agriculture and culture.

After operating for 18 years, Express Union with 60% of the market share, enters 2016 with its head held high for greater achievements. In terms of market penetration, EU plans to completely cover the CEMAC zone by opening a branch in Equatorial Guinea, strengthen its West African network by reopening the Kigali branch in Rwanda and the Abidjan branch in Cote d’Ivoire. In addition, after buying 70% shares of the Cameroon Equipment Company (SCE) from the Ippolito family, Express Union aims to revamp SCE activities as well as expand its POS network via SCE’s 11 agencies in Cameroon.

 

NATIONAL

 

20% Drop in Remittance Revenue from Cameroonians Living Abroad between 2014 & 2015 

Recent studies indicate that revenue generated from money transfer operations of Cameroonians living abroad has dropped by 20% (from XAF 94.7 billion in 2014 to XAF 75.9 billion in 2015).

This situation also occurred between 2013 (XAF 218 billion) and 2014 with a drop of 56%. According to the Ministry of Finance and other competent finance services, this phenomenon is due to the fact that most Cameroonians in the diaspora use informal routes to send money home in order to avoid the charges (about 20%) fixed by the regular cross-border remittance operators.

Consequently, government and the operators are obliged to adopted new strategies to curb this reduction as well as alternative revenue sources to maintain their profit margins.  Some sub-agents such as CCA has opted to provide several international remittances products at its branches. They include: Western Union, Money Express, and Moneytrans.

 

Express Union Partners with Douala I Council for the Payment of Retention Tax at its Counters

The leading national remitter, Express Union, has signed a deal with the Douala I Council for the payment of retention tax at its POS.

This is a move to enforce of its innovative 2015 service diversification strategy namely the payment Douala II Council’s Communal Tax at its POS. In this light, Express Union continues to boost its financial inclusion, lead the sector as well as explore new market opportunities 

 

INTERNATIONAL

 

VISA and UBA Unite to Launch SmartMoney

Visa Inc has partnered with UBA to launch a 21st Century banking solution, SmartMoney, which uses prepaid cards and a mobile App for the African market. The aim is to satisfy the yearnings of the young Africans who seek and devise new ways to be banked. SmartMoney offers them this opportunity for they shall enjoy all the features of a bank account and the minimal costs associated with the prepaid card.

Furthermore, SmartMoney provides convenience to make purchases, perform online transactions, shop during international travel and access to cash from ATMs. SmartMoney App users have the ability to check card balances; track and budget spend, or send and receive funds between SmartMoney cardholders. Already operational in Nigeria, Kenya and Ghana, the SmartMoney Visa Prepaid card can be obtained and reloaded at UBA business offices and the app can be downloaded from Google Play or Apple IOS Store.

Sources: http://mobilemoneyafrica.com/content.php?id=2580

 

WorldRemit Launches the Intstant Money Tranfers in Nigeria

The global money transfer App, WorldRemit has launched its instant money transfer in Nigeria allowing people to send money to more than 140 cash pickup locations in Nigeria, instantly. Already operational in over 50 countries, Nigerian recipients can collect money instantly from 140 branches of Skye Bank.

Given that Nigerians living abroad perform the highest volume of remittance transactions in Africa (400 000 every month), WorldRemit aims to enhance the process with the most convenient ways to send and receive money. Nigerians can, therefore, use the app or website to send money to a bank account or cash pickup location at low fees. Fees for transfers to Nigeria start at 0.95 EUR and 0.99 GBP respectively.

Source: http://mobilemoneyafrica.com/content.php?id=2578

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