(Ecofin Agency) - Banking group Attijariwafa Bank established on September 14, 2015, in Douala, a subsidiary of its money transfer firm Wafacash which will cover all the Central African region, announced a legal release published October 5, 2015.

The Director General of this public limited company with capital of 2 billion FCFA is Mehdi Khandid who will have for Deputy Director General, the Cameroonian Solange Dorothée Kotock Mpote. Among other executives of the money transfer firm, there is Jamal Ahizoune, formal Managing Director of SCB Cameroon who was recently called back to the headquarters of Attijariwafa Bank in Casablanca.

Established in 1991, Wafacash which is the part of the Moroccan banking group Attijariwafa that deals with Western Union and Money Gram services is the actual leader of the money transfer market in Morocco. Since November 2012 however, Wafacash has started commercializing products from Inwi, Morocco’s third mobile operator, thus allowing subscribers from this network to directly recharge their mobile phones in Wafacash agencies.

Wafacash enters a Cameroonian money transfer market where even World-class leaders such as Western Union and Money Gram face a rude competition from local transfer leader, Express Union, who also operates at the international level (serving Central and West african countries namely) at highly competitive rates.

Nevertheless, Wafacash Central Africa has broadened its scope of activities so as to thrive in this increasingly competitive market. It goes from “the basic money transfer to the implementation and maintenance of ATMs, as well as the exercise of manual exchange; management, administration, the provision and handling of all electronics tools necessary for automatizing and facilitating financial transactions, etc.”

Brice R. Mbodiam