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Cameroon's Finance Sector Goes Through Rapid Digitalization

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Cameroon's Finance Sector Goes Through Rapid Digitalization MAJOR PROJECTS AGRICULTURE ENERGY BUSINESS IN MINING INDUSTRY SERVICES FINANCE November 2018 / N° 69 November 2018 CAMEROON Cameroon’s finance sector goes through rapid digitalization Cashew, a sector with great Oilibya rebranded, becomes potential, both for revenues Ola Energy and job creation FREE - CANNOT BE SOLD BUSINESSIN CAMEROON .COM Daily business news from Cameroon Compatible with iPads, smartphones or tablets APP AVAILABLE ON IOS AND ANDROID 3 Yasmine Bahri-Domon Cameroon goes through digital transformation Digitalization is spreading more and human resources will be necessary more to many sectors in Cameroon. to overcome issues arising from this It has become vital for any business modernization. The latter must align wishing to get closer to its customers with social fabric and structure. I and actually is the perfect tool for client believe that the transformation must retention. This is the exact case in other be gradual but also take into account African nations where digitalization direct employment, or this might lead is a boost palliating shortcomings in to an imbalance that will affect social quality of service provided. economy. Cameroon’s technology is going As said earlier, fact remains that digi- through a transformation as various talization helps financial institutions sectors indeed migrate toward digital- process their transaction and serve ization. This silent transformation is clients more rapidly. gradually taking shape and imposing There are “Made in Cameroon” apps itself to various targets. It is positive that currently let users conduct finan- evolution and it has today become a cial transactions or operations safely, must for financial institutions. It ap- using mobile devices such as phones or pears that customers have adapted to tablets. These innovations of startups the change which is both cost-effective like Iwomi Technologies enabled the and time-saving for them. “Digitization Commercial Bank of Cameroon to is the future of Cameroonian banking,” open the very first ATMs to receive said Bouchra Geawhari as if predicting deposits. Another example is that actual events. However, seeing how of United Bank of Africa’s subsidiary things are moving, digitalization will which launched an online banking not only be banking’s future but it will service in the country. These are just a impact also all other financial services few examples. Beyond this, digitaliza- and sectors of activity in Cameroon as tion fosters new partnerships as both the latter will have to take this path to businesses and financial institutions improve their services and boost their understand its importance for their activities. profits. The concern now is to know if Digitalization is now a reality in these firms will rely on the expertise of Cameroon’s finance industry. Its impact Cameroonian youth to tackle job losses on interactions between banks and resulting from the irreversible change. their clients cannot be denied. They Will they trust Cameroonian startups become permanent and instanta- whose performances will surely impact neous. The question however is to the GDP while creating new jobs? know if digitalization is a threat to Well, readers will have the opportunity employment? Truly, modernizing tools to get all related information in the and services will surely take its toll on following pages… jobs. Therefore, a re-appropriation of N° 69 / November 2018 BUSINESS IN CAMEROON 4 CONTENTS FOCUS INTERVIEW 14 • Hope Sona Ebai : “The strategy we worked on aims to make Cameroon a visible player on the cashew market five years from now” LEADER OF THE MONTH 34 • Cameroonian Joël Embiid becomes the highest-paid NBA center, on a contract with Under Armour BUSINESS IN CAMEROON 08 • Digitalization takes over finance industry Publisher Stratline Limited 09 • Zenithe Insurance becomes the first digital firm Publication Director across all 15 CIMA countries Yasmine BAHRI-DOMON 10 • Baloon, Africa’s leading insurance brokerer Contributors arrives in Cameroon Brice R. MBODIAM, Sylvain ANDZONGO, Idriss LINGE. Operator 10 • United Bank of Africa’s Nigerian subsidiary Médiamania Sàrl launches online banking service www.mediamania.pro Design : Jérémie FLAUX, Web : Christian ZANARDI, 11 • In partnership with a local startup, Commercial Translation : Schadrac AKINOCHO Bank of Cameroon launches the country’s very Advertisement [email protected] first ATMs enabling cash deposit In Cameroon Albert MASSIMB, [email protected] 11 • Ecobank’s ATMs allow cash withdrawal no card Tel : 00 237 694 66 94 59 12 • Digital is the future of Cameroonian Printing banking - Bouchra Geawhari, Consultant Rotimpres, Aiguaviva, Espagne at Adria Business Office - Distribution Cameroon Albert MASSIMB, [email protected] 13 • Activa and Orange launch micro-insurance offer Tel : 00 237 694 66 94 59 accessible via mobile Free – cannot be sold 13 • Afriland First Bank and MTN team up to allow www.businessincameroon.com - [email protected] transactions between bank and mobile accounts BUSINESS IN CAMEROON N° 69 / November 2018 5 NEWS IN BRIEF PUBLIC MANAGEMENT P 18-23 TRANSPORTATION P 30 FINANCE P 24 INDUSTRY P 31-32 AGRIBUSINESS P 25-27 INFRASTRUCTURE P 33 ENERGY P 28-29 N° 69 / November 2018 BUSINESS IN CAMEROON 6 COMPANY OF THE MONTH At Nexttel, Cameroon’s third mobile operator, stakeholders are having a dispute over allegations of unilateral management Viettel Global Investment SA of uni- lateral management. This was after the Vietnamese firm refused to allow a dual-signature system for account- ing documents. The Cameroonian stakeholder also accuses Viettel Global Investment SA of massively importing workforce, thus leaving out Cameroonians marginalized in the process. Defending against these allegations, the Vietnamese group declared in statement dated October 1, 2018 that: “Over the one thousand employ- ees working at Viettel Cameroon SA, 94% of the staff are Cameroonians and they represent 85% of the man- agement. The Vietnamese personnel At the root of the conflict opposing Nexttel’s two shareholders are allegations of unilateral is working side-by-side with their management of the firm… local peers and are trying to train and transfer technology to them.” According to well-informed sources, the conflict between both sharehold- Once again, it appears that a 30% of Nexttel’s capital via Bestinver ers who are suspected of attempting dispute has arisen between share- Cameroon SA, while on the second to mutually get each other out of holders of mobile operator Viettel side, there are those backing Viettel the firm’s shareholding, is due to Cameroon which operates under the Global Investment S.A, Nexttel’s the company performing well in brand Nexttel. According to internal majority stakeholder (70%) which the last few years. In the first half of sources, the company is divided into operates under Vietnam’s defense 2016, Cameroon became Viettel’s two camps. The first camp regroups ministry. most profitable market in Africa as supporters of Baba Danpullo, These dispute was sparked as the firm had recorded a turnover of Cameroonian billionaire who owns Bestinver Cameroon SA accused CFA21 billion ($35.9 million) over the period; this was against $25 million for Halotel (Tanzanian subsidiary The company is almost divided into two of Viettel), $33 million for Movitel in Mozambique and $18.26 million sides, on one there are supporters of Baba for Lumitel (Burundi). In addition, at the end of June 2018, Nexttel to- Danpullo who owns 30% of its capital, taled about five million subscrib- and on the other are supporters of Viettel ers, against 6.6 million for MTN Cameroon and 6.5 million for Orange Global Investment S.A who holds 70% Cameroon, two competitors which entered the Cameroonian mobile of Nexttel. market 15 years ago. Brice R. Mbodiam BUSINESS IN CAMEROON N° 69 / November 2018 7 MONTHLY STATISTICS 71.28% That is the voting score recorded by Paul Biya during the CFA 238 Billion recent presidential elections, allowing the leader to win a new seven-year mandate during which he will continue This is the amount Customs authorities of Littoral I and leading the country as he has been doing since November II, ambition to mobilize during the ongoing quarter (Q4 2, 1982 when he first took office. While outstanding, the re- 2018). It represents more than 70% of the overall amount cent score is below 2011’s when the leader had won 77.99% that the national customs authority expects during the pe- of the votes. riod. These customs departments cover Cameroon’s eco- nomic Capital. Overall, the customs general directorate of the ministry of finance expects to raise CFA261.5 billion during the said period. 713% This is the exponential progression rate of the volumes of grade I cocoa beans exported by Cameroon between the 25,000 2016-2017 and 2017-2018 cocoa campaigns, according to From October 26, 2018, to January 4, 2019, a little more the official figures published by the government. Between than 25,000 civil servants are invited to clarify their situ- those two campaigns, the volumes of grade I cocoa ex- ation with the ministry of finance. The call is addressed to ported grew from 1,099 to 8,933 tons (713%), thanks to the workers who have not been counted during the last phys- establishment of a quality bonus to get cocoa farmers to ical counting operation and those whose data have been produce better beans. The bonus which farmers should get invalidated after exploitation of the first data gathered. in the coming years amounts to a billion CFA. According to the ministry of finance, this prelitigation phase will not only allow latecomers to register themselves but also make things difficult for absentee civil servants who by various tricks were able to present themselves for the physical counting operation of April 2018. 1,533 ha This is the number of cocoa trees planted since 2012 by the nuggets of New Generation, a program initiated by the Cameroonian coffee-cocoa council to rejuvenate the pro- 130,000 tons duction workforce in the cocoa sector.
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