(Business in Cameroon) – Fourteen years after its introduction, Mobile Money has become one of Cameroon’s main payment methods, ranking alongside bank transfers and ahead of checks. According to the 2023 report of the Bank of Central African States (BEAC) on payment services in the CEMAC region, transactions through this channel totaled CFA22.137 trillion, representing 76.57% of all Mobile Money operations in Central Africa.
Launched in September 2011 by Orange Cameroon, the service enables financial transactions via mobile phones outside the traditional banking network. In 2023, Mobile Money transactions nearly doubled those made by check, which reached CFA12.625 trillion during the same period.
Bank transfers still lead the market, with a total transaction value of CFA33.117 trillion in 2023—about CFA11 trillion more than Mobile Money and nearly three times the value of check payments.
A major driver of financial inclusion
The rapid rise of Mobile Money highlights its key role in advancing financial inclusion in Cameroon. With mobile penetration above 80%, the service is accessible to both banked and unbanked populations. By contrast, bank transfers and checks remain limited to account holders, in a country where the overall banking rate, including microfinance, remains below 40%.
According to BEAC, Cameroon had 24.86 million Mobile Money accounts in 2023, compared with only 2.2 million checking accounts. Of these, 11.7 million were active—used at least once in the 30 days preceding the survey.
This growth makes Mobile Money a strategic pillar for telecom operators. At MTN Cameroon, digital and fintech services, including Mobile Money, generated a 14.1% increase in revenue in 2024, according to the company’s financial statements. While network services such as voice and internet remain the main income source, Mobile Money has become a key driver of the operators’ business model.
