A solution unknown to all
Today, over 5.1 billion people use a mobile phone, the majority of them a smartphone. While the importance of the cell phone has been recognized for years, what once seemed like a trend is now confirmed as an indispensable part of the lives of billions of people around the world. Today, the mobile is a communication channel that companies and individuals should not miss out on if they wish to monetize and benefit from quality digital products and services.
The advent of new information and communication technologies has improved matters, as many products are being developed with the aim of offering the African continent and sub-region a new way of experiencing mobile money, particularly with online payment systems that take into account all the innovation that goes with it. This is how the FinTech industry is evolving and expanding in Africa in general, and in Cameroon in particular, with innovative new solutions such as Futa, whose main mission is to accompany every individual who wants to make their life easier by managing all their mobile money accounts on a single platform.
Even if it seems hard to believe, mobile money is slowing down in the Central African sub-region, particularly in Cameroon and Chad, where in 2017, it had a penetration rate of only 6% because the population was not ready for digital innovations and to readapt their behavior accordingly. What's astonishing and draws our attention is the growth of this ecosystem over the last five (5) years, materializing the population's willingness to adapt this time to change and digital innovation. This growth of nearly 36.6% in Cameroon is mainly driven by a significant increase in new customers, the development of online commerce, and the strong recovery of economic activity in most African countries, following covid-19 which accelerated the digitization of payments.
What does the future hold for this booming ecosystem? We'll find out in the next issue. Subscribe to our newsletter so you don't miss out.