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Questions about the current status of Express Union Finance

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Why does Express Union Finance SA continue to be a microfinance institution (EMF)? The volume of activities of this MFI, with a capital of 5.13 billion FCFA, has however become significant since the beginning of its activities. Indeed, launched since 2006, the company specializes in traditional banking services. As a result, it offers its friendly customers a wide range of services starting from the opening of accounts, the granting of credits and microcredits through its network of 106 branches spread over the national territory.

The group prides itself on being the leader in its sector at the sub-regional leveleven if he refuses to confirm his results, currently estimated at nearly 10 billion FCFA

Expression Union Finance was born from Express Union Group created in 1997. The group prides itself on being the leader in its sector on a sub-regional scale, even if it refuses to confirm its results, currently estimated at nearly 10 billion FCFA. Originally, Express Union specialized in sending money quickly and its scope of action is Cameroonian territory, where it has established itself as a market leader. Today, the group has 106 agencies on the national territory with counters abroad.

Expression Union Finance was born from Express Union Group created in 1997. The group prides itself on being the leader in its sector on a sub-regional scale, even if it refuses to confirm its results, currently estimated at nearly 10 billion FCFA. Originally, Express Union specialized in sending money quickly and its scope of action is Cameroonian territory, where it has established itself as a market leader. Today, the group has 106 agencies on the national territory with counters abroad.

Express Union electronic banking

Express Union has a card that allows withdrawal operations on the Express Union ATMs/TPEs network, Balance consultation, Mini statement printing, PIN change directly on these ATMs as well as purchases/payments on the EU terminals installed at partner merchants. The Send to bank account service allows the customer to fund his bank account or that of his partner, regardless of the bank of domiciliation, from Express Union counters.

The Sunday and night services, also called duty counters, are on-call counters that allow you to manage unavailability and emergencies. These counters are available in certain subsidiaries in Central and West Africa. From now on, you can receive and send money to Chad, Gabon, Congo Brazzaville, Ivory Coast, Central African Republic, Democratic Republic of Congo, Benin, Senegal, Mali, Burkina Faso, Niger, from Express Union counters thanks to banking partners.

To migrants, Express Union offers the possibility of carrying out their project, financing the education of their loved ones, covering their hospitalization and pharmaceutical costs and offering them social assistance (foodstuffs, basic necessities, household appliances, etc.) . To this end, they can now make transfers with orientation of the use of the funds. On arrival, the beneficiary no longer receives cash, but rather withdraws a purchase or payment voucher to enable him to directly recover the goods or benefit from the service at the Express Union partner chosen by the sender. This service is also available nationally and operates on the same principle from the urban area to the rural area and vice versa.

Furthermore, there is ” EU Mobile Money “. It is a service offered by Express Union Finance SA, which allows a customer holding an account to carry out his financial transactions from his telephone, regardless of the mobile telephone operator.

Launch of Mobile Money deposits from abroad

The Cameroonian diaspora living in more than 50 countries can now send money instantly to their loved ones and at a lower cost, at any time of the day or night. Beneficiaries can thus use their mobile wallet to receive, keep or spend this money as they see fit. The Mobile Money service with WorldRemit will be extended to Congo Brazzaville, Gabon, Chad, and the Central African Republic by 2019.

Andrew Stewart, Managing Director of WorldRemit in Africa and the Middle East comments: “ Express Union is the historical partner of WorldRemit in Cameroon with whom we have already been offering cash pickup since 2016. With the addition of the mobile money service, our partnership will support financial inclusion in the CEMAC countries, which will allow more of four million people to receive money directly in their mobile wallet, without the need for a bank account. »

Remittances play an important role in Cameroon’s economy, with the country receiving just over $278 million in remittances in 2017according to the World Bank

Chares NghoguoGeneral Manager Express Union, adds: “ The digitization of international money transfer operated by WorldRemit is highly appreciated by the African diaspora in particular, that of Central Africa where Express Union has 6 subsidiaries all connected to the WorldRemit system for a few years for the Cash Pickup service. In Cameroon, the EU Mobile Money service is in full expansion and offers beneficiaries of WorldRemit transactions several advantages. Beneficiaries can access their money without delay since it is paid directly into their EU Mobile Money account. They can also benefit from additional services to finance projects and pay bills such as school fees, directly from their mobile phone. If the beneficiaries wish, the money is available 24 hours a day, 7 days a week. It can be collected at one of the 600 Express Union points of sale and more than 1,500 authorized distribution points “.

In 2017, WorldRemit became Arsenal Football Club’s first-ever online money transfer partner under a global sponsorship deal. WorldRemit customers have made over 1 million transfers every month since 50 countries towards more than 145 destinations. More than half of these transfers go to Africa.

Remittances play an important role in Cameroon’s economy, with the country receiving just over $278 million in remittances in 2017, according to the World Bank. And with an unbanked population of over 50%, Mobile Money remains an effective solution for financial inclusion. In Cameroon, in 5 years, access to Mobile Money has gone from 8% at 29% of the adult population with a volume of transactions which increased from 7.5 billion to CFAF 3,447 billion between 2012 and 2017, according to an IMF report. Transactions via WorldRemit to Cameroon, meanwhile, increased by 100% From one year to another. Top shippers to Cameroon include the United States, Canada, and the United Kingdom.

Positioning : multi-partnership with the public administration

By mandating the microfinance establishment of 2th category for the collection of the costs of the various administrative competitions that it organizes, the Ministry of the Civil Service and Administrative Reform puts at its service and that of the applicants the strong expertise of Express Union Finance SA in terms of payments. A real step forward in that they will save time and in security thanks to fast and simplified payments in the advanced counters of Express Union Finance SA installed in regional delegations of Minfopra. Applicants to the various administrative competitions under Minfopra will also benefit from proof of payment through the issuance of receipts after each operation or duplicates in the event of loss of payment receipts.

A real reason for satisfaction for the Secretary General of Minfopra, representative of the Minister at the ceremony. Speaking about the support of Express Union Finance SA in the context of promoting good practices in financial governance, the company’s general manager guaranteed instant visibility on all payments and traceability of all operations.

Applicants to the various administrative competitions under the Minfopra are now massively expected in the advanced counters of Express Union Finance SA installed in the regional delegations of the ministerial department for the payment of fees. In the near future, they will also be able to pay without moving by mobile phone via Express Union Mobile Money. Since last February 27, thanks to obtaining the Cenadi code, civil servants can now benefit from the expertise and network of Express Union Finance SA for the management of their payroll even in the most remote areas.

Last but not least, on June 1, 2018, within the walls of the Hilton hotel, Express Union Finance SA and the Ministry of Secondary Education signed an agreement relating to the payment of tuition and competition fees for all public secondary establishments in the Cameroon at all Express Union counters. This, in order to make life easier for students and promote digitalization.



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