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Follow on Google News | Chartered Financial Assistance to Launch Mobile Banking Services Using TreasureCom’s NetworkNationwide Deployment of M-CFA to Begin in January 2011
By: Chartered Financial Assistance TreasureCom will provide a turn-key solution, including providing CFA a core banking platform that is fully integrated to TreasureCom’ CFA has undertaken an extensive market research in Cameroon and it is confident that it will fill a gap that has been left open by the traditional banking establishments as well as other MFIs in Cameroon and the CEMAC region. “Using world-class state-of-art technology and superior customer service skills, we plan to capture a significant market share in our transformation into a commercial bank with a focus on micro-finance To achieve this objective, we will continue to engage in our aggressive growth strategy” said Prof. JJ Asongu, founder and Chairman of the Board of Directors of CFA. “The company, which is registered as a common initiative group, provides personal financial services of a superior quality to our members, with our chief concern being their financial well-being. It desires to be the primary financial institution of its members, and it will use automation and technology to support a highly trained group of employees. The agreement with TreasureCom is part of this overall goal of the company“ said Asongu. CFA will operate a CaribPay Mobile Universal Network hub and this will enable CFA to offer a complete suite of mobile banking services with Cameroon. CFA believes it will be able to differentiate itself in the market in at least three ways. Firstly, in licensing and operating the CaribPay Mobile Universal Network hub CFA’s mobile banking service offering will be “Inter” & “Intra” focused. Inter refers to the International originated focused money transfer services terminating within Cameroon and will be targeted through the mobile channel to the growing Cameroon diaspora overseas that send money back to Cameroon. Intra refers to the mobile banking services originating and terminating within Cameroon. CFA’s mobile banking service offering will provide a fully integrated Inter and Intra service that will be competitively priced across both spectrums. Secondly, the CFA’s mobile banking service offering will be a non-telecom led model, which will provide for a greater openness in the delivery and pricing of the service offering. Thirdly, with the operations of the CaribPay Mobile Universal Network Hub CFA will provide agent banking services to expand its footprint quickly across Cameroon and the wider CEMAC region. CFA has an existing customer base in Cameroon which will provide provides a good base to leverage the CaribPay Mobile Universal Network Hub services and provide immediate uptake at a lower acquisition cost to traditional branch network build-out. "The strategy to provide an open mobile banking and financial services platform that is non-telecom led, equally internationally and locally focused driven, with a wider service offering from an open cloud based platform will enable CFA to offer competitively priced mobile banking money services to all sectors of the market with increase efficiency and operate without borders” said Michael Treasure, the Chairman and CEO of TreasureCom. CFA operating a CaribPay Mobile Universal Network Hub under its master License agreement with TreasureCom, will be able to expand its service to go beyond traditional banking to include money transfer, merchant payments, bill payments and prepaid debit cards services. With the company’s new focus of delivering its services through the mobile channel its service lineup will now include mobile payments, mobile merchant processing and mobile transfers using cell phones primarily with text messaging (SMS) technology. The new CFA person to person mobile financial services will allow customers to do all their financial services, securely through any mobile network provider within Cameroon. Moreover, customers may now do all their banking services and any of CFA’s branches and also at retail outlets and points of services that sell traditional air time top up prepaid cards across Cameroon. The agreement with TreasureCom will allow both companies the mutual advantage of increasing their services options and offer the convenience of mobile money services to customers inside and outside of Cameroon. Prof. JJ Asongu states, "Our working philosophy is based on providing prompt and efficient solutions to our customers. The agreement with TreasureCom will allow us to provide consistent financial services, with high quality use of innovative technology and provides CFA with a new alternative to reach more customers and provide our customers superior quality of services competitively priced." About CFA: Chartered Financial Assistance (CFA) Savings and Loans Cooperative Society, Ltd. is a new micro-finance institution (MFI) in Cameroon. It serves the needs of corporate and organizational clients as well as individuals, including civil servants, private sector employees, and the self-employed. Its focus is on the needs of those who have been ignored by the traditional banking sector in the country, and these are usually the self-employed, small business owners, and community organizations who lack the finance to grow their businesses or for other investments. For more information on CFA and the products and services it offers, visit us www.charteredltd.com or write to us at contact@charteredltd.com. You may also call us at (237) 3316-0526. About TreasureCom: # # # About CFA: Chartered Financial Assistance (CFA) Savings and Loans Cooperative Society, Ltd. is a new micro-finance institution (MFI) in Cameroon. It serves the needs of corporate and organizational clients as well as individuals, including civil servants, private sector employees, and the self-employed. Its focus is on the needs of those who have been ignored by the traditional banking sector in the country, and these are usually the self-employed, small business owners, and community organizations who lack the finance to grow their businesses or for other investments. For more information on CFA and the products and services it offers, visit us www.charteredltd.com or write to us at contact@charteredltd.com. You may also call us at (237) 3316-0526. End
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