eTranzact Inks Partnership with Cameroonian Govt to Drive Digital Payment System

eTranzact, Nigeria’s premier payment processing platform has entered into a major strategic partnership with the Cameroonian Government to drive its electronic communication aggregation platform.

l-r: Libom ali Likeng, representing the government is the minister of Post and Telecommunications, Cameroon and Dr. Valentine Obi, founder and group CEO, eTranzact Group at the signing of the agreement between the Cameroonian Government and eTranzact recently.

The platform christened, ‘National Payment Switch Infrastructure’ was conceived by the government to serve as the core of Cameroon’s Digital revolution.

The partnership would see the development of a robust payment infrastructure that would take advantage of developments in internet technology, cloud computing, mobile phone proliferation and penetration to act as a central transaction processing hub.

It would also ensure that Telecommunication channels, USSD, Internet, etc, are harnessed and used as rails to deliver several services to the end user using their mobile phone.

Speaking at the signing of MoU, Dr. Valentine Obi, founder and group CEO, eTranzact, said that the firm believe in the noble plan, which informed why it partnered with the Government of Cameroon to provide a complete National Payment Switch Infrastructure to achieve their objectives.

According to Dr. Obi the key objectives of the partnership include, reducing cost of transaction and hence service delivery, authentic users to ascertain their identity before they can participate in the mobile financial service.

. Assist government in her fight against terrorism funding and money laundry.

. Create a level playing field for all service providers who want to offer their service on the mobile phone through the #237# USSD short code.

. Ensure that Banks and other stakeholders can deploy their services fast on all networks in Cameroon without any bottlenecks.

. To provide interoperability amongst the different stakeholders, Government institutions, Banks (both commercial and micro finance banks), Mobile Money Operators (both GSM companies and non-GSM companies).

. Enhance Financial Inclusion and access to credit by SME’s.

Dr. Obi noted that the partnership, when completed is expected to impact positively on the Digital Ecosystem.

He said, “the National Payment Switch Infrastructure will enable small medium size enterprise to move from informal sector to the formal sector of the economy thus increasing economic growth or increase in GDP.

“It would enhance financial inclusion, which is one of the key objectives of the government through easy credit scoring and access to credit.

“Also it would provide full transparency of transactions in the country. All financial transaction passing through the platform is recorded and can be traced.

“Ensures that banking services are offered everywhere and anywhere there is a GSM or Internet network, increase revenue collection and facilitate disbursement to regional and local governments.

“See to the emergence of Techpreneurs and Innovators in the payment space”.