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Fintech bank ‘Bank’Up launches in Cameroon

The fintech company Bank’Up offers its subscribers the possibility of benefiting from various consumer goods and services through a cell phone up to $185 (100,000 FCFA). Payment terms vary between 1 and 3 months from the purchase subscription. For its second phase, Bank’Up plans to extend its offers to customers who do not have a bank account or who do not have an account with a credit institution.

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After Rwanda, the fintech Bank’Up sets up in Cameroon. Through a very revealing slogan, Noé Bakouba Kaljop, promoter of this new service offer based on mobile finance, enters the Cameroonian market with the concept “buy on credit and pay later.” The innovative solution consists in making available to the public, credit cards for the supply of services or consumer goods, with deferred debit. 

Fintech Bank’Up precisely allows any user of this offer, to acquire various goods, payable later, after debiting the Fintech Bank’Up customer account. “Buying on credit and paying later” therefore consists of providing immediate satisfaction to its users for their emergency needs, while waiting for their solvency: medicines, groceries, vehicle parts, furniture, clothing, gas bottles, etc. “Many Cameroonians between two ends of the month, face many difficulties related to certain common needs. In this kind of situation, the only alternatives that remain informal are recourse to relatives, loan sharks or the local grocery store, with all the humiliation and extra costs that this sometimes entails,” said Noé Bakouba Kaljop.

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It is from their cell phone that subscribers can use the Bank’Up platform to make purchases from partner stores

Purchases with flexible payment terms ranging from 30 to 90 days. For its first phase, account holders, or microfinance customers and partner banks and users of the FinTech solution are concerned. 

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“Bank’Up is in talks with several local credit institutions”, reassures the Cameroonian promoter, already in partnership with several microfinance institutions. Buyer-credits have been capped at an amount of $185 (100,000 FCFA) per subscription. This, according to the debt capacity of each client, says the startup. Which provides more information on the terms: “the partner businesses are paid as soon as the purchase is made. The customer has the option of repaying the purchase over several months.

For its second phase, Bank’Up plans to extend its offers to customers who do not have a bank account or who do not have an account with a credit institution. Fintech expects to reach more than 250,000 transactions per month and to bank more than 5,000 small traders using the Bank’Up solution in 3 years: “With this innovation, partner businesses can target new customers, increase their sales, build customer loyalty, and reduce the risk of non-payment for those businesses that informally provide their customers with purchase credit,” said Noé Bakouba Kaljop. 

According to Kaljop, the Rwandan experience is a real success story. “Only 3% of the population has access to formal credit in Cameroon according to a FinScope report released in 2018. Bank’Up has decided to develop this innovative solution that can help not only individuals in difficulty but also businesses,” added the Cameroonian founder of the startup loan2cash (SAS 2 Cash) registered in France. The Cameroonian businessman has accumulated 17 years of professional experience in corporate finance within structures as diverse as SMEs, parapublic and multinationals.

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(Featured image by Edouard TAMBA via Unsplash)

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First published in EcoMatin, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Jeremy Whannell loves writing about the great outdoors, business ventures and tech giants, cryptocurrencies, marijuana stocks, and other investment topics. His proficiency in internet culture rivals his obsession with artificial intelligence and gaming developments. A biker and nature enthusiast, he prefers working and writing out in the wild over an afternoon in a coffee shop.

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