Central Africa: E-money under new supervision

Jun 10, 2011

A conference was organised by the Economic and Monetary Community of Central Africa on June 7th and 8th in Yaounde to create new regulations "to guarantee public confidence in electronic money".

Tahir Hamid Nguilin, Vice-Governor of the Bank of Central African States, said during the seminar that e-money is now part of the central bank's strategy.

It aims to bring the level of access to banking services, which are currently at 6.96 per cent, to 20 per cent within five years, Cameroon Tribune newspaper reports.

The bank believes funding accessible via mobile phones, is a precious tool in reaching this target.

A study quoted during the conference shows that among the four billion people that do not have access to banking services, one billion own a mobile phone, Le Griot newspaper reports.

Tahir Hamid Nguilin announced that from now on, all transactions related to e-money would be under the financial firm's supervision.

The General Delegate at the Central African Office for electronic banking Benedict Belibi added that such activities will now be open to all banks and other institutions, subject to a license being granted.