Diaspora money transfers to Central Africa increasingly bypass banks and traditional transfer agencies in favor of Mobile Money platforms.
For years, international remittances to CEMAC countries mainly flowed through operators such as Western Union, MoneyGram and RIA, as well as partner banks. That balance is now shifting toward mobile payment accounts, according to the Central African States’ Bank (BEAC).
In its 2024 report on payment services in the CEMAC region, the central bank said more than CFA1.354 trillion was sent directly to Mobile Money accounts during the year.
BEAC says Mobile Money has become a major financial link between families in Central Africa and relatives living abroad, capturing a growing share of international remittance flows into the region.
The central bank attributes the shift to several factors, including near-instant transactions, lower transfer costs and easier access through mobile phones, including in rural areas.
The expansion of interoperability between money transfer operators and mobile payment providers has also accelerated adoption.
CEMAC nationals living in European Union countries accounted for the largest share of transfers received through Mobile Money platforms.
According to BEAC data, they sent CFA804 billion to relatives in the region in 2024 through 4,275 transactions.
International Transfers Fuel Mobile Money Growth
That amount was nearly three times higher than the CFA275 billion transferred through the same channel by diaspora communities living in North America.
The next-largest source came from CEMAC nationals living in other African countries outside West Africa, who transferred CFA172.3 billion through Mobile Money services in 2024.
BEAC also reported that more than CFA66 billion came from Europe outside the European Union. Transfers from ECOWAS countries reached CFA21.8 billion, while Oceania accounted for CFA4 billion and Latin America for CFA1.5 billion.
According to the central bank, the rise in international transfers helped drive broader growth in Mobile Money activity across the region.
The total value of Mobile Money transactions in the CEMAC zone increased from CFA28.911 trillion in 2023 to more than CFA34.788 trillion in 2024, representing annual growth of 20.33%.
Brice R. Mbodiam
