Key providers for lenders in Cameroon: Credit scoring, KYC, and payment

Borrowing money used to be something that only a select few could easily do, primarily people with formal jobs and solid financial records. But times are changing fast. Today, lenders are finding creative ways to reach people who’ve long been left out of the financial system, especially in rural and underbanked areas. According to the World Bank (2022), over 60% of adults in Cameroon are considered unbanked, but that number is slowly changing.

With more than 9.7 million mobile money users in the country, lenders now have access to a whole new world of data. Things like mobile transactions, airtime purchases, and payment histories are giving lenders fresh insights into people’s financial habits. For the first time, someone’s regular mobile top-ups or payments at a local market could help them qualify for a loan.

This shift is happening thanks to a growing number of providers making lending easier, safer, and more inclusive. From credit scoring systems that look beyond traditional data to KYC (Know Your Customer) technologies that verify identities in remote areas, these companies are making it possible for more people to access credit and grow their businesses. 

Let’s look at some of the key players driving this change in Cameroon’s credit ecosystem and how they’re easing up the affairs of lenders.

Also Read: How to get started as a lender in Cameroon

Why are these providers important?

For many people in Cameroon, traditional banking services have always felt out of reach. Whether it’s because they don’t have a credit history, don’t live near a bank, or simply don’t meet the rigid criteria set by conventional lenders, millions of potential borrowers have been left on the sidelines. But these new providers are changing that.

One of the most significant ways these providers make an impact is by expanding access to financial services for people who were previously excluded. With non-traditional data sources like mobile money transactions and payment histories, these providers are helping lenders get a clearer picture of a person’s financial behavior beyond the formal credit score. For example, someone might not have a bank account or a traditional job. Still, their regular mobile money transactions, utility payments, or even their spending habits can serve as proof of their financial reliability. This creates a more inclusive system where people once considered “credit invisible” can now access loans.

The second reason these providers are important is that they’re helping to make lending safer and more reliable. For instance, KYC (Know Your Customer) solutions make a vast difference when verifying identities, especially in rural or remote areas where many lenders traditionally struggle to confirm a person’s background. This is a big deal because it builds trust between lenders and borrowers and within the broader financial system. With more accurate and comprehensive identity verification, lenders can reduce the risk of fraud and ensure that loans go to the right people.

Moreover, the shift towards more flexible, tech-driven lending solutions creates a more efficient financial system overall. Mobile money platforms, for instance, facilitate payments, making it easier for borrowers to repay loans. Lenders, in turn, get more reliable payment data, which helps them better understand their customers and make more informed lending decisions. This is a win-win: borrowers can access credit more easily, and lenders can reduce their risk, making the entire system more sustainable.

Lastly, these providers are playing a key role in driving economic growth and financial literacy in Cameroon. With more accessible credit, they’re enabling individuals and small businesses to grow, create jobs, and improve their livelihoods. At the same time, they’re helping to improve financial literacy by making it easier for people to manage their money and understand the importance of building a positive financial history.

Also Read: Key providers for lenders in Malawi: Credit scoring, KYC, and payment

Top 5 service providers in Cameroon

Cameroon is home to various providers that can help scale your loan business. Here’s a closer look at some of these top service providers.

Maviance

Maviance, founded in Germany in 2008 by Jerry Cheambe and Michael Flach, expanded its operations to Cameroon in 2012, becoming a key player in the fintech space. Its flagship platform, Smobilpay, facilitates agency banking, bill payments, and bulk financial transactions, providing critical infrastructure for financial inclusion in the region.

The company’s mission centers on fostering interoperability within the Central African Economic and Monetary Community (CEMAC), which comprises six countries, including Cameroon. By partnering with organizations like GIMAC, the interoperability switch for BEAC (CEMAC’s central bank), Maviance enables smooth cross-border and domestic transactions, enhancing access to financial services across the region.

Maviance has a significant impact, serving over 500,000 customers monthly. It supports micro, small, and medium enterprises (MSMEs), which employ 90% of Cameroon’s workforce but often struggle to access formal financial services. Through Smobilpay, these businesses can digitize payments and participate more effectively in the financial ecosystem.

For lenders, Smobilpay addresses common challenges, such as collecting repayments and providing convenient channels for borrowers. By integrating mobile money, bank transfers, and utility payment systems, the platform makes it easier for borrowers to repay loans using the payment methods they are most comfortable with. Lenders, in turn, benefit from efficient collection processes and real-time payment tracking, improving their operations and fostering trust with clients.

Dohone

Dohone, founded on January 2, 2015, by Wilfried Ngah, has positioned itself as Africa’s leading payment gateway provider. The platform enables businesses to accept payments from a variety of sources, including credit cards, mobile money, and bank transfers. Its services cater to online and offline businesses, ensuring flexibility and inclusivity in the payment process.

The platform offers a range of services, including payment processing for transactions, gateway integration for websites and apps, and mobile payment support, which allows customers to pay directly using their mobile devices. A notable feature of Dohone is its fraud prevention tools, which safeguard businesses against fraudulent transactions while maintaining smooth operations.

For lenders, Dohone plays an essential role in enabling smooth loan repayment by offering multiple payment channels, such as mobile money and bank transfers. This convenience improves repayment rates and provides lenders with real-time tracking and secure transaction oversight.

Tecalis

Tecalis was founded in 2011 by Isidoro Martínez Soñora, focusing on providing advanced digital identity verification and electronic signature solutions. Isidoro, serving as the company’s CEO, led the development of the platform, aiming to simplify the processes of identity verification, risk assessment, and secure onboarding for businesses globally. The company’s solutions are particularly popular in industries that require stringent compliance measures, such as financial services and e-commerce.

Tecalis offers a suite of services, including KYC (Know Your Customer) and KYB (Know Your Business) checks and the ability to verify identities using a combination of document analysis, facial recognition, biometric authentication, and secure electronic signatures. The platform also includes tools for fraud prevention and remote customer onboarding, ensuring that businesses can operate securely while maintaining an uninterrupted customer experience.

For lenders, Tecalis’ technology provides an efficient way to verify the identity of borrowers, reducing the risk of fraud and enhancing the security of transactions. By automating KYC and KYB processes, lenders can onboard clients quickly and confidently, knowing that the identity verification is reliable and compliant with local and international standards.

Mob.id

Mob.id, founded by Frans Bolk, is an identity verification and fraud prevention company. With Bolk as the Founder and CTO, the company focuses on enhancing the security and efficiency of customer onboarding processes across industries, especially in fintech. The platform provides real-time identity verification using advanced methods such as document verification, facial recognition, and biometric authentication to ensure a seamless and secure user experience.

Mob.id also helps businesses meet KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance requirements. Its fraud prevention tools scan global watchlists, including PEPs (Politically Exposed Persons) and adverse media, offering businesses a comprehensive solution to mitigate fraud risks.

For lenders, Mob.id is particularly valuable in reducing fraud throughout the loan application and transaction process. Its secure and efficient identity verification methods ensure that only legitimate borrowers are approved, enhancing trust in the lending process while ensuring compliance with relevant financial regulations.

CinetPay

CinetPay was founded in 2016 by Idriss Marcial Monthe and Daniel Dindji, two friends who recognized a significant challenge faced by businesses in Africa: the difficulty of processing online payments. They set out to build the infrastructure that would make online transactions safer, more efficient, and accessible to a broader population across the continent. This vision led to the creation of a payment gateway that supports mobile money, bank transfers, and fraud prevention, enabling businesses to process payments without hitches, particularly in West and Central Africa.

CinetPay’s platform is designed to cater to businesses of all sizes, providing a robust solution for businesses looking to accept payments from customers using mobile wallets like Orange Money, MTN Mobile Money, and Moov Money. Sincea a large portion of Africa’s population is unbanked, mobile money has become a popular transaction method, making CinetPay’s service especially relevant.

For lenders, CinetPay’s mobile money integration offers an effective solution for loan repayment collections. Borrowers can repay loans using mobile wallets, which they are already familiar with, reducing barriers to repayment and improving the overall efficiency of the lending process. 

Also Read: How to get a lending license in Cameroon

The tech powering lending in Cameroon

Lending in Cameroon has evolved from a privilege for the few to an accessible service for many. Lenders now have tools to reach underbanked communities and make borrowing a reality for millions. From using mobile money transactions to transact smoothly to employing secure KYC solutions in rural areas, a wave of digital providers is transforming the credit ecosystem.

Key players like Maviance, Dohone, Tecalis, Mob.id, and CinetPay are at the forefront of this shift, simplifying identity verification, enabling smooth loan repayments, and reducing risks for lenders. Their services are not just making lending more inclusive but also safer and more efficient, paving the way for economic growth and financial literacy in Cameroon.

For lenders, embracing these tools is more than just a smart move — it’s a necessity. The future of lending lies in collaboration with these providers. Explore their offerings today.