Advantages & Disadvantages Of Mobile Money In Cameroon

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The rise of Mobile Money in Cameroon is more evident as days go by. With the current Covid-19 pandemic, this solution is gaining grounds. Here is a comprehensive guide for those who want to get started.

The rise of Mobile Money in Cameroon is more evident as days go by. With the current Covid-19 pandemic, this solution is gaining ground. Here is a comprehensive guide for those who want to get started.

What is the Concept of Mobile Money (MoMo)


When we talk about Mobile Money, many people erroneously think that these are bank accounts linked to phones. However, Mobile Money can be defined as a technology that allows people to receive, keep, and spend money using a mobile phone. Also, this growing solution is both simpler, more practical, and above all, much cheaper than a bank account.


Unlike banking offers, you do not need a particular account number, an initial deposit, or even opening fees with mobile money. You can also carry out your operations from anywhere, in any situation, at any time of the day using your phone. 
There are more withdrawal points than ATMs and pricing are also very different. While current accounts often charge monthly or annual account maintenance fees, money mobile accounts don't cost anything.

That said it should be mentioned that they do not report anything either. With a mobile money account, your account number is your phone number, and you just need a four or five-digit code to make your transactions, and these are the ones that will cost you withdrawal fees or transfer to another subscriber or non-subscriber. However, it is not the most interesting.

Advantages of Mobile Money in Cameroon (Pros)


Mobile money transactions are handy for sending money to the village and paying bills and earning you income if you have sales concerns. You can take advantage of this to make ends meet by making mobile money deposits and withdrawals for you who run a neighbourhood store or hardware store. 
It doesn't cost a lot to set up and anyway you already pay rent. You will not have much effort to do either for Branding because it is often the operators themselves who will assist you with your workplace's communication equipment. You can find out more here for Mobile Money Prices in Cameroon (MTN MoMo, Orange Money and Express Union Money).

Disadvantages of Mobile Money in Cameroon (Cons)

Mobile money is terribly easy to use, as long as the fraud techniques are countless, there are many colours. Some thieves will send you a message to make you believe that they sent you a message without doing it on purpose to call you next. If you try to check your balance, you can be scammed, because the thief has already initiated the withdrawal by the time he calls you. 
Some others are preparing to initiate fraudulent withdrawals the moment you go to a mobile money point. In other words, all means are good to have you extorted, and the use of an account requires a lot of vigilance in use.

Why You Should Adopt Mobile Money in Cameroon


With social distancing and personal security measures increasing in scope, it is imperative to find solutions to facilitate financial transactions while minimizing risks. Mobile money is an ideal solution, especially in Cameroon. Indeed, it is already possible to transfer to and from the country's main banks, but besides, the implementation of transactions between the different operators would already be effective.

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Dreampointech - Tech, Business, Health: Advantages & Disadvantages Of Mobile Money In Cameroon
Advantages & Disadvantages Of Mobile Money In Cameroon
The rise of Mobile Money in Cameroon is more evident as days go by. With the current Covid-19 pandemic, this solution is gaining grounds. Here is a comprehensive guide for those who want to get started.
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