A solution unknown to all
Today, more than 5.1 billion people use a phone, the majority of which is a smartphone. If the importance of the mobile is known 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. Mobile is now a communication channel that companies and individuals should not miss if they want to monetize and benefit from quality digital products and services.
The emergence of new information and communication technologies has improved things as many products have been developed with the aim of offering the African continent and the sub-region a new way of experiencing mobile money, especially with online payment systems that take into account all the innovations that come with it. This is how the FinTech industry is evolving and growing in Africa in general and in Cameroon in particular with new innovative solutions such as Futa whose main mission is to assist every individual who wants to make his life easier by managing all his 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, especially 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 adapt their behaviour to them. What is surprising and what draws our attention is the growth of this ecosystem over the last five (5) years, thus proving the willingness of the population 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, after the covid-19 which accelerated the digitization of payments.
What does the future hold in this booming ecosystem? We'll find out in the next review. Subscribe to our newsletter so you don't miss it.