Posted by: Armel | March 24, 2009

CAMEROON: BICEC BANK Allows Payment Convergence

                                      

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.

Armel Njeunou

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Responses

  1. Armelopost, this should be illegal ! The accepted forms of payments should be irrespective of the Financial institution.

  2. 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.

  3. Kamerun behöver verkligen utveckla sitt banksystem. Det tar lång tid att skicka pengar till ett annat land. Och de tar ofantliga stora summer för att skicka pengar och för att öppna konto.

  4. Annette,
    Nåväl, det är precis anledningen till varför det skulle ta nytt ledarskap för att ändra status quo! Annars kommer kvaliteten och utbudet av finansiella tjänster är fortfarande dålig…

  5. Jag har blivit utsatt för bedrägeri. Och de personer som har lurat mig säger att jag har ett personkonto i bicec bank och jag har betalat många pengar för att det skulle överföras bicec bank till min bank i sverige.

    Är detta något som jag kan få hjälp med.

  6. Hej Armel, jag skulle vilja ha kontakt med dig via min mail ang. ett brev som jag har fått från bicec bank om mina pengar som finns hos er. Bicec bank vill att jag ska betala 4500 euro för att öppna ett konto till en kontaktperson som jag har som hand om mina pengar. För nu helt plöstligt går det inte att föra över pengarna bank till bank, utan bank via Western Union.

    Tacksam för din hjälp

  7. Annette,
    Jag vet inte exakt vad du talar om. Jag är inte anställd av Bicec Bank och har ingen relation till dem.
    Men ditt fall låter som ett bedrägeri bluff! De människor som kontaktat du försöker stjäla dina pengar. Så du kan försöka kontakta bicec banken själv eller gå till polisen!

    Lycka till och var försiktig

  8. Förlåt mig, jag trodde att du jobbade inom Bicec bank. Det är svårt för mig att få kontakt med bicec bank och polisen för jag kommer ifrån Sverige.

  9. hi
    plse do give me the cost of getting an epay virtual card plus cost of subcription:
    denis cameroon

  10. hi I am in India. i am waiting for my pet to come from London through a pet air transpost service. they have an account with your bank and I have to pay them Rs3000 indian currency. the problem is we dont have a branch of this bank in India so how should i send the money or make payments.

    • Sorry, I don’t represent the bank nor can i help you. I suggest you contact your local bank.

      Good Luck

    • try express union and send the money to timbu clinton timbu

  11. I’d like to have a copy of a sample of a bank payment receipt in my email box. Its good. As a business man its good to have these docs handy. thanks
    best regards.

    • Yes that would be a good idea, but very risky if you ask me. Given how common email hacking or phishing can be, do you really want that kind of information directly in your inbox ?

  12. Thanks


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