MOBILE MONEY SERVICE : La Regionale Bank Relaunches “Ananas Money”
Since October 2023, The Regionale Bank has added a Mobile Money service to its range of offers, called “Ananas Money”. According to the prospectus produced by the credit institution, subscribers to this service have the possibility of carrying their bank account with them everywhere they go.
After Sara Money from Afriland First Bank, M2U Money from UBA, Ananas Money has become the 3rd electronic money solution of a banking institution in Cameroon. This digital Banking service platform comes after its transition from microfinance to banking in September 2022.
This service offers the possibility to the bank’s customers to carry out several transactions on their account from a mobile application created for this purpose.
These include, in particular, transfers from the La Régionale account to mobile (MTN Mobile Money and Orange Money) ; transfers from the La Régionale account to another bank, customer payment (i.e. paying bills in supermarkets) or merchant payment (to receive payments from customers holding La Régionale application). Users can also use the application to pay their bills online, recharge phone credit or even receive a money transfer directly from a money transfer company.
By launching this application, the bank materializes its digitization objective declined at the time of its public offer for the sale of shares in 2021. After the transition from microfinance to bank status, the Regional Bank wants to tackle market segments in which banks are not much present. In addition to digitalization, it also intends to act on the financing of Small and medium-sized local companies.
However, the company will have to be creative in this new segment to win market shares as it is becoming competitive with other mobile money telephone operators, approved as payment institutions in the Cemac zone. It is worth noting that Societe Generale, which launched its Yup mobile solution in Cameroon and in several African countries, had to close its shop in March 2022 due to low profitability. La Régionale Bank boasts of a network of 41 agencies in Cameroon and a subsidiary of four agencies in Gabon.
SN
