BICEC BANK LATEST MOVE MAY SOLVE THE ELECTRONIC PAYMENT SHUFFLE IN CAMEROON
E PAY BOX is the electronic payment program launched by Bicec Bank that currently allows merchants to accept payment from customers using any Visa Card. Although this is not a first in the country, it is groundbreaking because the payment terminals are offered by the bank provided some conditions are met (IE:opening a business account). Prior to this launch, local shop owners and hotels had to choose which terminal to choose depending on the initial cost required by the Financial Institution. Some terminals were not compatible with other Bank’s or competing payment systems available in the country. Now, it seems that if the telecoms line cost issue could be set to an affordable level, E-Pay Boxes should be widely available in the entire country.
Afriland First Bank’s I-Card was the most promoted for a couple of years and gained some market share because of it’s high use during business transactions between suppliers and retailers.
Now, it looks plausible that all other banks that offer Visa debit cards but haven’t had any success convincing retailers to adopt this method of payment, will either join Bicec Bank Network for a fee or develop their own Network. In the end, the transfer of proceeds or funds should be integrated trough the Visa settlement system.
In the short term, Bicec Bank should see an increase in their net deposit base because of the jump in new business accounts.
Armelopost, this should be illegal ! The accepted forms of payments should be irrespective of the Financial institution.
By: Nicodem Ashu on March 24, 2009
at 6:19 pm
This is interesting ! So basically the regulators are allowing a private bk to use its portfolio to increase the use of a service that is soon to become the norm in that country to their own benefit ? So whats the problem there?
I would use that same loophole to the full extent permissible if I was in the same position. Things like this would happen even more because the regulatory framework in SSA countries still doesn’t account for issues of the sort and will probably stay behind in some other areas as well. So, it’s the “perfect wind” for a lot of firms thinking about going to Cameroon for example.
The advantage and the opportunities that exist in that region of Africa is one of the reason why South Africa is moving in fast before the next turn around.
By: Andres S Mapula on April 4, 2009
at 6:37 pm