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 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 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 more straightforward, 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 is also very different. While current accounts often charge monthly or annual maintenance fees, mobile money accounts don't cost anything.

That said, it should be mentioned that they do not report anything either. However, it is not the most interesting. 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.

Advantages of Mobile Money in Cameroon (Pros)

Mobile money transactions are handy for sending money to the village, paying bills, and earning income if you have sales concerns. You can make ends meet by making mobile money deposits and withdrawals for you who run a neighborhood store or hardware store. 
It doesn't cost a lot to set up; anyway, you already pay rent. You will not have much effort to do either for Branding because it is often the operators who will assist you with your workplace's communication equipment. You can find out more about 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 colors. If you try to check your balance, you can be scammed because the thief has already initiated the withdrawal when he calls you. 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. 

Others are preparing to initiate fraudulent withdrawals when you go to a mobile money point. In other words, all means are suitable to extort you, and using an account requires a lot of vigilance.

Why You Should Adopt Mobile Money in Cameroon

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

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