"Mobile Money Corporation, the MTN Cameroon subsidiary exclusively dedicated to Mobile Money, has undergone recent changes, according to a legal announcement published on 14 July.
According to the said announcement, the general meeting of the subsidiary decided to increase the current share capital from FCFA 50 million to FCFA 850 million by adding FCFA 800 million in cash. Subsequently, MTN Cameroon, MTN International and Broadband Telecom Ltd were withdrawn with immediate effect as directors of Mobile Money Corporation.
In substitution, Hendrik Kasteel (CEO of MTN Cameroon subsidiary) and Ebenezer Essoka (banker) were appointed as directors for a 6-year term. Alain Claude Nono and Joseph Tsuo Mua Akwa were appointed respectively Managing Director and Deputy Managing Director of the company. The firm "Deloitte and Touche" has been appointed second auditor.
Within MTN, sources explain that this increase in the capital of "Mobile Money Corporation" is intended to comply with Cobac regulation R-2019/02 on prudential standards applicable to payment service providers (PSPs). According to Article 2 of this regulation, PSPs must have a minimum share capital of CFAF 500 million.
The competitor Orange Money Cameroon (OMC), a payment service provider of the telecom operator Orange Cameroon, has a share capital of FCFA 1.2 billion.
Source: investing in Cameroon