- Cameroon’s banking rate remains around 28%, despite strong mobile money use
MTN is expanding its financial services ecosystem in Cameroon with the launch of a virtual MoMo prepaid card linked to the Mastercard network. Rolled out on December 19 through Mobile Money Corporation, MTN’s payments subsidiary, the product is offered in partnership with Access Bank Cameroon.
Mobile money has become a key driver of financial inclusion in Cameroon, but access to international online payments remains limited. Low banking penetration continues to exclude millions of users from global e-commerce platforms, digital services, and online professional tools. The virtual MoMo prepaid card is designed to directly connect mobile wallets to the global digital economy.
According to Mobile Money Corporation, the new card is intended to broaden access to secure and modern payment services while supporting Cameroon’s digital transformation agenda, through a solution adapted to everyday user needs and compliant with international standards.
Online payments and subscriptions without a traditional bank account
The virtual card allows users to make payments on local and international platforms. It also provides access to subscriptions such as Netflix, Amazon Prime, Google Play, and Apple Services, as well as to online education and professional tools, without requiring a traditional bank account.
The service relies on Mastercard’s global payment infrastructure and on Access Bank Cameroon for banking support and regulatory compliance. The card is issued instantly, with transactions secured through enhanced authentication tools, including one-time codes and real-time notifications. Users can manage spending through customizable limits, with funds loaded directly from their MoMo wallets.
A competitiveness challenge in a low-banking market
Beyond the technological rollout, MTN says the initiative aims to stimulate the digital economy by supporting digital entrepreneurship, improving access to education and creative platforms, strengthening the competitiveness of local businesses, and reducing inequalities in access to online payments.
According to the Bank of Central African States, Cameroon recorded 117,218 international transfers in 2023, with a total value of CFA6,095.6 billion. However, banking penetration remains limited, estimated at about 28% by the country’s professional association of credit institutions.
Amina Malloum
