(Business in Cameroon) – Cameroon’s mobile financial services market is expanding rapidly, according to the 2024 Annual Observatory of the Electronic Communications Market. Services offered by MTN Mobile Money Corporation and Orange Money Cameroon have become a core driver of financial inclusion, giving millions access to a digital wallet even without a traditional bank account.
MTN and Orange record strong revenue and transaction growth
In 2024, MTN Mobile Money Corporation generated CFA70.2 billion in revenue, up from CFA55.1 billion in 2023, a rise of more than 27%. Orange Money Cameroon reported CFA65 billion over the same period. With no 2023 reference data available, this performance is compared with CFA44.5 billion recorded in 2022, reflecting the operator’s growing momentum in the mobile financial services market.
Transaction activity also increased sharply. Estimated transaction volumes—measured through SMS sent—grew from 1,237,402,354 in 2023 to 1,822,959,071 in 2024, a 47.3% jump. The trend highlights rising adoption of mobile channels for payments and money transfers.
The sector’s expansion is reinforced by an increase in active subscriptions. In 2024, MTN and Orange counted 11.429 million active mobile money subscriptions, adding 772,141 new users compared with 2023. Today, 38.84% of all subscribers across both networks hold an electronic mobile account, underscoring the growing role of mobile money in everyday life and its contribution to financial inclusion.
Sector revenue accelerates sharply
Overall, total mobile money revenue reached CFA135.84 billion in 2024, representing a 146.40% increase from the previous year. The sharp rise is mainly due to the inclusion of Orange Money Cameroon’s revenue in the 2024 data, offering a more complete picture of the segment’s economic weight.
The rapid expansion of mobile money, combined with ongoing network coverage improvements by MTN Cameroon and Orange Cameroon, is creating new opportunities for digital financial services and payment solutions. The expected arrival of new entrants such as Wave and Blue Money could intensify competition and further stimulate market growth.
These trends point to a sector that is heading toward restructuring and continued expansion, with major implications for competitiveness, regulation, and business models across the industry.
Amina Malloum
