Market leaders in domestic money transfer, Express Union, have been slapped with a fine of more than 600 million FCFA for abusing their position of power in sub regions and the European diaspora.

Express Union was dragged before the National Competition Council, housed within the Ministry of Commerce, by Express Exchange, a competitor, who accused the market leader of abusing their dominant position and anti-competitive agreement with Emi Money, a new money transfer operator in the market.

The decision over this commercial dispute by the CNC in favour of Express Exchange, we learn, was reported by the Court of First Instance of Yaoundé Administrative Centre on June 30.

It is important the two brands do not get confused with each other as it is difficult for the unwary customers not to confuse the signs of Express Exchange with those of Emi Money.

Not only do they have the same graphics and the same colours, but Emi Money also decided to settle down every time next to an Express Exchange agency.

Some sources are not reluctant to introduce Emi Money as a creation of Express Union, aiming simply at slowing down the Exchange Express ride on the money transfer market in Cameroon, with its price of services a notch below those charged by the market leader.