Byline by: Imane Charioui, Director Francophone Africa & Middle East, WorldRemit DOUALA, Cameroon, 18 November 2022,-/African Media Agency /- A combination of rapidly evolving technology and the restrictions imposed by the COVID -19 pandemic has resulted in what is nothing short of a revolution in the online money transfer sector in Cameroon.
Globally, there have been drastic shifts in how people pay for goods and services, with electronic payments increasingly displacing traditional cash and more recently, cryptocurrency and digital currencies emerging in the market As of 2020, internet penetration in Cameroon was at 30% from less than 10% back in 2007, following the great strides from state and telecom operators who have ensured Cameroonians have good access internet services With the increased adoption of internet services and...
These options that allow people to choose how to receive their money are vital in countries like Cameroon, where only 35% of the adult population had bank accounts as of 2017.
The increase in secure digital remittances, especially mobile-to-mobile transfers, has lowered the need for cash transactions. Consequently, opportunistic crime in many cash-heavy markets has been reduced, however cyber-crime remains a very present threat, which money transfer companies must work hard to combat.The transition to digital payments and online money transfers has positively impacted migrant communities and emerging countries.
By offering flexible ways of sending and receiving money, more people worldwide can access financial services and ultimately free themselves from the manacles of poverty.