Afriland First Bank and MTN launch transactions between mobile and banking accounts

It is now possible for Afriland First Bank and MTN Mobile Money customers, to check the balance of their bank accounts on their mobile phones, and make financial transactions between their banking and mobile accounts.

This was the opportunity offered them by the Mobile Account Connected (MAC), a service that just launched the leaders of the banking and mobile telephony markets in Cameroon.

For MAC, said Afriland First Bank (the bank with a majority Cameroonian capital ) "with a complete multi-channel approach by migrating to the mobile phone, the development will improve the banking rate of Cameroon and the sub region of Central Africa".

According to experts, in countries with low banking penetration such as Cameroon (under 20%), the mobile penetration rate, when reached at 80%, can significantly boost the level of access to banking services.

It strokes the Cameroon dream which has already become reality in Kenya and where the mobile money (M-Pesa) claims about 40% in the overall banking rate of the country with a 70% rise.

As a reminder, MAC “offer is highly secured” according to the assurances given by its promoters. It joins the Cameroonian market with a similar service officially launched in the country on July 9, 2015 by the Orange duo Ecobank-Cameroon.