(Business in Cameroon) – The total value of bank transfers in Cameroon rose by about 78% in 2023 to 33.12 trillion XAF, according to a report published by the Bank of Central African States (BEAC) on payment services in the Central African Economic and Monetary Community (CEMAC).
The increase came even as the number of transactions fell by 13%, from 15.2 million in 2022 to 13.3 million in 2023. The total value of transfers in 2022 was 18.61 trillion XAF.
The BEAC attributed this trend to the strength of Cameroon’s economy. “Transfers are widely used by both companies and individuals for salary payments and account settlements, covering both intra- and interbank transactions,” the report said.
The performance reinforces Cameroon’s position as the economic engine of the CEMAC bloc, which groups Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic. Cameroon’s economy, the most diversified in the sub-region, has a strong industrial base and the region’s largest banking network, accounting for about 40% of the total.
The surge reflects the rise of formal electronic transactions, driven by expanding digital payment systems, greater banking penetration, and a dynamic private sector. The data also point to the resilience of Cameroon’s financial system amid moderate inflation and ongoing regional monetary reforms.
BRM
