Cheaper and faster options are becoming available for SMEs in Cameroon that needs money deposited into local bank accounts. Depending on their needs, small businesses can weigh speed over cost in choosing which options work best for them.
SWIFT international bank transfers have improved, but the speed is determined by the sending country and the receiving bank. Bank to bank transfers has a standard three days wait but can delay for up to two weeks or more. Faced with competition from tech, Cameroonian banks are building new partnerships to help their clients receive direct deposits faster. Ecobank and Western Union have developed Account Based Money Transfer, which lets users receive Western Union transfers into their Ecobank accounts.
The exciting news for entrepreneurs is the range of fintech disruptors out there providing solutions. Cameroonian users can’t withdraw money from PayPal, but they can get paid through PayPal’s Xoom. Xoom doesn’t directly deposit money into bank accounts in Cameroon but sends money to 621 locations and five partner banks in Cameroon. Account-holders in Banque Atlantique, ECPC Credit Populaire, Exchange House Sarl, First Trust Savings and Loans, Wafacash Central Africa and UBA Cameroon can still get paid if their clients only use PayPal.
Suppliers and freelancers receiving periodic payments from clients overseas have the best solution in global mass payments provider Tipalti. A one-time registration sets you up to receive regular payments into a Cameroonian bank account. Tipalti integrates bank to bank transfers, PayPal and automates the whole billing process.
Payoneer’s Global Payment Service is another excellent tool Cameroonian SMEs can use to facilitate payments. They provide an American bank account in the user’s name that can be used for direct deposits and to carry out PayPal withdrawals. Once received payments are available in the user’s Payoneer account from where they can be withdrawn into an attached Cameroonian bank. World Remit transfers only to UBA Cameroon bank accounts and takes just one business day. Azimo makes bank deposits to several banks in Cameroon within one business day.
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