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According to banking sources, this is due to "fiscal" reasons. "Any money that comes out of Cameroon via a transfer is now taxed at 33.33% on costs, but we collect only 20% from Western Union. It's a real loss for us because we pay more than what we get from our partner", says the head of this service in a partner bank. Since Western Union, their partner, did not comment on this, most banks have decided to discontinue the service until a compromise is found.

According to sources in the Ministry of Finance of Cameroon, "in the 2015Finance Law, the State of Cameroon taxes in full international transfers that leave the country. This tax of 33.33% is deducted from commissions earned by international transfers companies and their partners during money transfers". This tax, according to our source, is deducted from commissions received by participating companies and their partners in the money transfers.

Source: adapted from the article “Western Union suspendu au Cameroun pour raisons fiscales”, Financial Afrik www.financialafrik.com