- (Business in Cameroon) – CEMAC countries received CFA 557.3 billion ($910 million) in remittances via mobile money in 2023, a record high.
- Cameroon accounted for more than 75% of the region’s total transaction value.
- Europe remained the dominant source of transfers, contributing 72% of total inflows.
The Economic and Monetary Community of Central Africa (CEMAC) recorded CFA557.3 billion in remittances through mobile money platforms in 2023, according to the Bank of Central African States (BEAC). The figure marks a record year and highlights mobile money’s growing role as the main financial channel linking the region’s diaspora to their home countries.
Most inflows came from Europe. CEMAC nationals living on the continent sent CFA399 billion, including CFA388.4 billion from European Union countries. Transfers from the Americas reached CFA 105.2 billion, while African sources contributed around CFA60 billion. BEAC data confirm Europe and North America as the leading corridors for diaspora remittances, far ahead of intra-African flows that remain marginal.
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Origin of Funds
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Amount Received (CFA billion)
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Share of Total (%)
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Key Observations
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Europe (including European Union)
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399.0 (of which 388.4 from the EU)
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71.6 %
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Main source of remittances; strong presence of Cameroonian and Gabonese diasporas in France, Belgium, and Germany.
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Americas (North and South)
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105.2
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18.9 %
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Growing flows driven by diasporas in the United States and Canada.
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Africa (excluding CEMAC)
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60.0
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10.8 %
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Modest, mostly family-based transfers; weak intra-African remittance corridors.
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Total – CEMAC (all countries combined)
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557.3
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100 %
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Total amount of remittances received via Mobile Money in CEMAC in 2023.
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Cameroon Leads CEMAC’s Digital Finance Revolution
Cameroon underpinned most of the region’s mobile money activity in 2023, hosting 62.11% of all accounts, 63.58% of total transaction volume, and 76.57% of overall transaction value. The country’s dominance reflects the deep penetration of mobile telephony and rapid consumer adoption of digital financial services.
“Technology holds a central place in Cameroonians’ lives, and money transfers are no exception,” said Imane Charioui, then head of Francophone Africa and the Middle East at WorldRemit, in 2022. “They are becoming the preferred method for clients, proving to be as safe as bank transfers—faster, cheaper, and more convenient.”
WorldRemit, the UK-based fintech that entered Cameroon in 2016, has strengthened this shift through partnerships with MTN and Orange, enabling direct transfers into local mobile wallets. “Cameroon is our largest and fastest-growing market in Francophone Africa, with annual growth of 120%,” said Andrew Stewart, then regional director for Africa and the Middle East, in 2018.
Mobile Money Gains Ground on Traditional Channels
The steady expansion of mobile money continues to transform CEMAC’s financial ecosystem. Digital platforms offer lower fees and faster processing than traditional banking or money transfer operators, helping overcome regulatory and logistical barriers that have long hindered remittance flows to Africa.
For households, mobile transfers serve as a lifeline for liquidity, consumption, and family investment. The trend signals a structural shift in how technology, finance, and transnational solidarity intersect across Central Africa.
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Indicator
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Cameroon
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Share in CEMAC (%)
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Comment
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Number of Mobile Money Accounts
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–
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62.11%
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Cameroon dominates the sector, driven by MTN Mobile Money and Orange Money.
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Volume of Transactions
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–
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63.58%
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Continuous growth in usage for both domestic and international payments.
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Total Value of Transactions
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–
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76.57%
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The country accounts for more than three-quarters of the total value transferred in the sub-region.
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This article was initially published in French by Brice R. Mbodiam
Adapted in English by Ange Jason Quenum
