CAMPOST, the national provider of postal and financial services in Cameroon, and VYZYO, a mobile financial services technology company, have signed a commercial partnership agreement to deploy and operate digital payment and mobile financial services throughout Cameroon.
VYZYO says it will initially deploy its VYZYOPay solution for CAMPOST. VYZYOPay is described as a state-of-the-art mobile financial services technology platform that will enable CAMPOST to securely roll out and manage digital payments for government services, money transfers and international remittances as well as mobile financial services for micro-credit and micro-savings.
As part of the partnership between the two companies, VYZYO will also provide CAMPOST with strategic consultancy to increase the awareness, education and adoption of these services, especially among the large underbanked and unbanked segments of the population in Cameroon.
CAMPOST is also planning to enable digital payments and mobile financial services for higher education, welfare disbursement and micro-insurance.
The new services are intended to be both financially and socially inclusive and will be available to the entire population of the country, including those with limited or no access to banking services, health care and communications infrastructure.
VYZYO will also deploy its smart point-of-sale (PoS) terminals at CAMPOST branches and other strategic locations around Cameroon. These PoS terminals will be securely integrated with the VYZYOPay platform and include a contactless NFC module, intuitive touchscreen and camera, along with all the necessary local, regional and international certifications from Visa, Mastercard, Union Pay and other popular payment methods.
With these PoS terminals customers will be able to make payments with traditional debit and credit cards as well as contactless mobile payments with QR Code and NFC.