PaySika

Company Overview: PaySika's Presence in Cameroon

PaySika CAMEROUN SAS stands as a notable entity in the country's evolving digital financial sector. Established in 2020, this simplified joint-stock company operates with a capital of CFA 5 million. Its headquarters are strategically located in Douala, at Rue Drouot, Akwa, BP 15027, registered under Douala Trade and Property Credit Register RC/DLN/2022/M/1064. PaySika functions as a distribution agent of Ecobank Cameroon SA, leveraging a Visa International license to deliver its services across the nation.

Background and Mission

The company was founded with a clear vision: to offer zero-fee digital banking services across Francophone Africa, specifically targeting the underbanked population. A significant portion of its user base falls within the 18-35 age bracket, residing primarily in urban centers. PaySika aims to bridge the gap in financial inclusion by providing easily accessible tools such as free virtual and physical Visa prepaid cards, mobile money top-ups, and low-cost transaction capabilities. Its revenue model is based on transaction fees, charging 1% for local payments and 2% for international transactions, rather than relying on account or maintenance fees that often deter new users.

Ownership and Leadership

PaySika is majority-owned by its visionary co-founders, Roger Nengwe Ntafam and Stezen Bisselou-Nzengue, both proud Cameroonian nationals. Their ownership is channeled through PaySika Holding SAS, registered in Toulouse. Roger Nengwe Ntafam serves as the Co-Founder and President, guiding the company's strategic direction, while Stezen Bisselou-Nzengue holds the position of Co-Founder and Chief Operating Officer, overseeing the day-to-day operations and service delivery.

PaySika's Financial Services: Beyond Lending

It is crucial for potential users to understand PaySika's service offering accurately. As of September 2025, based on publicly available information, PaySika does not offer credit products, including personal or business loans. There is no public evidence of lending services on its platforms. Therefore, this review will focus on the actual financial services PaySika provides, which are centered around digital banking and payment solutions.

Card Products and Transaction Structure

PaySika's core offerings revolve around its Visa prepaid card services. Users can obtain a free virtual debit card upon account creation, which is ideal for online purchases and digital transactions. For those preferring a physical card, PaySika offers a physical Visa debit card, also free of charge, with only a CFA 3,000 logistics fee for delivery. These cards facilitate payments both locally and internationally, providing a convenient alternative to traditional banking for many Cameroonians.

The company’s revenue model is transparent and transaction-based. Users incur a 1% fee on online or local payments and ATM withdrawals. International payments and mobile money withdrawals carry a slightly higher fee of 2%. Notably, PaySika prides itself on its "zero-fee" approach to many common banking charges. There are no subscription fees, maintenance fees, failed transaction fees, or top-up fees, which significantly reduces the cost barrier to financial services for its target demographic.

Fees and Charges

• Virtual Debit Card: Free issuance and maintenance.
• Physical Debit Card: Free card, with a CFA 3,000 logistics fee.
• Transaction Fees:
  • 1% on online/local payments and ATM withdrawals.
  • 2% on international payments and mobile money withdrawals.
• No Recurring Fees: Absence of subscription, maintenance, failed transaction, or top-up fees.
• Interest Rates & APR: Not applicable, as PaySika does not offer lending products.
• Collateral Requirements: Not applicable, as no lending services are provided.

Operating Model and User Experience

PaySika emphasizes ease of access and user-friendliness, reflected in its streamlined operational processes and robust technological infrastructure.

Onboarding and Account Management

Setting up an account with PaySika is designed to be quick and straightforward, often taking less than two minutes. Users can complete the process via the mobile app, web portal, or popular chatbot platforms such as Messenger, WhatsApp, and Telegram. To comply with regulatory Know Your Customer (KYC) requirements, applicants must provide specific documents. Acceptable forms of identification include a Cameroonian National Identity Card, a birth certificate along with its receipt, a valid passport, or a residence permit. Users are guided through uploading clear front and back images of their chosen document.

Once an account is active, funds can be topped up conveniently through various mobile money services like MTN MoMo and Orange Money, or via traditional bank transfers. Funds become instantly accessible on the user's PaySika card, allowing for immediate use.

Mobile App and Digital Presence

The PaySika mobile application is a cornerstone of its service delivery. The Android version boasts over 100,000 installations and maintains a rating of 3.8 stars from approximately 2,930 reviews on the Google Play Store. The application is also available for iOS users via the App Store, where reviews are mixed, often citing occasional server issues but consistently praising strong customer support. Beyond the mobile app, PaySika offers a web application at paysika.co, providing real-time card management and notifications. The company also maintains an active presence on social media platforms like Instagram and LinkedIn, fostering community engagement and providing updates.

PaySika's geographic coverage extends nationwide within Cameroon. During its initial pilot phase, the platform successfully processed over 190,000 transactions for more than 6,500 users, demonstrating its operational capacity and reach. The customer base primarily consists of individuals aged 18 to 35, predominantly located in urban centers, reflecting its targeted market strategy.

Regulatory Landscape and Market Position

Operating in the financial sector requires strict adherence to regulatory frameworks, and PaySika has established itself as a compliant and competitive entity.

Licensing and Compliance

PaySika's operations are fully regulated and licensed. It is supervised by COBAC/CEMAC and is registered with Cameroon's Ministry of Finance through its strategic partnership with Ecobank. The company is also a participant in the prestigious Visa Fintech Fast Track program, underscoring its commitment to international standards. PaySika rigorously adheres to Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations, as well as Cameroonian data protection laws, specifically Law 2010/013 on personal data. There have been no publicly reported regulatory actions or penalties against the company.

Consumer protection is also a priority, with features such as real-time fraud alerts, the ability to instantly block and unblock cards, and access to Visa's dispute resolution processes, all designed to safeguard user funds and data.

Competitive Environment

In Cameroon's dynamic digital finance market, PaySika competes with several established and emerging players, including Wave, Djamo, and Julaya. PaySika differentiates itself through its compelling value proposition: truly fee-free cards for basic services, a multi-channel onboarding process that caters to diverse user preferences, and a focused approach on the Francophone African market. The company has demonstrated significant growth, achieving a 275% month-over-month user growth during its pilot phase and being recognized as a finalist in the Ecobank Fintech Challenge. Strategic collaborations with partners like Ecobank, Visa, and various mobile money operators further strengthen its market position. PaySika also has ambitions for regional expansion, with plans to extend its services to Gabon and Benin.

Customer Feedback and Support

User reviews generally commend PaySika for its free services and the ease of use of its platform. Common criticisms, however, include occasional server downtime and reported card malfunctions, which can impact user experience. PaySika provides accessible customer service through in-app support, email ([email protected]), and a dedicated phone line (+237 242232425). Developer feedback indicates a responsive approach to addressing user concerns and improving the platform. Many users report success stories, highlighting the seamless experience of making online payments for e-commerce, gaming, and subscription platforms, often without the need for a traditional bank account.

Practical Advice for Potential Users

For individuals in Cameroon considering PaySika's services, here is some practical advice to maximize the benefits and ensure a smooth experience:

• Understand the Service Model: Remember that PaySika is a digital banking and payment solution provider, not a lending platform. Its primary value lies in offering convenient, low-cost ways to manage funds and make transactions.
• Leverage Fee-Free Options: Take full advantage of the free virtual and physical cards and the absence of common fees like subscription or maintenance charges. This can significantly reduce your banking costs compared to traditional alternatives.
• Be Aware of Transaction Fees: While many services are free, be mindful of the 1% and 2% transaction fees for payments and withdrawals. Factor these into your budgeting, especially for international transactions or frequent mobile money withdrawals.
• Complete KYC Promptly: Ensure all Know Your Customer documents are submitted accurately and promptly during the onboarding process. This ensures full access to all features and helps maintain compliance.
• Utilize Mobile Money Integration: PaySika's seamless integration with popular mobile money platforms like MTN MoMo and Orange Money makes funding your account and accessing cash highly convenient.
• Monitor App Performance: While customer support is strong, be aware of occasional reports of server downtime or card issues. Keep the app updated and contact support immediately if you encounter any problems.
• For Online Purchases: PaySika's cards are particularly useful for online shopping, digital subscriptions, and gaming, providing a secure and accessible payment method for those without traditional bank accounts or credit cards.
• Review Security Features: Familiarize yourself with the fraud alerts and card blocking/unblocking features to protect your funds and personal information.

PaySika represents a valuable digital financial tool for many Cameroonians, offering an accessible and cost-effective alternative to traditional banking for everyday transactions and online payments. By understanding its specific offerings and fee structure, users can effectively integrate PaySika into their financial management strategies.