(Business in Cameroon) – The Gimacpay platform, operated by the Central African Interbank Monetary Group (Gimac), processed more than 12 million transactions with a total value of 601.7 billion XAF as of December 31, 2023, according to the latest data from the Bank of Central African States (BEAC).
This represents an increase of more than 50% in value compared with 2022, when the platform processed 10 million transactions worth 395 billion XAF. Gimac Director General Valentin Mbozo’o attributed the steady growth to its primary PCI DSS-certified platform in Yaoundé and a backup site in Douala.
Gimac manages 35% of the 2.7 million payment cards currently in circulation across the CEMAC region, representing 964,150 active cards.
BEAC data shows the dominance of mobile money in financial transactions across the sub-region: 73% of transaction volume and 65% of value were conducted through electronic wallets, compared with 27% and 35%, respectively, for bank cards. This sharp shift reflects a structural transformation of the financial system, with mobile networks emerging as key drivers of financial inclusion and interoperability.
Expanded Network Faces Regulatory Hurdles
The Gimacpay network now includes 95 participants, including 53 banks, 13 microfinance institutions, 11 mobile money operators, the Cameroonian Public Treasury, one postal financial service, and 16 aggregators. While these participants help ensure smooth transactions between financial institutions, BEAC notes ongoing delays in implementing the interoperability framework, specifically Governor’s Instruction No. 001/GR/2018, which sets out the rules for payment systems in the CEMAC region.
Cameroon remains the undisputed leader in mobile money within the sub-region, accounting for 62.11% of active accounts and 63.58% of recorded transactions. The country has nearly 25 million of the 40 million accounts registered across the six CEMAC nations, a sector that expanded by 7.1% in 2023. This dominance reflects the strength of the Cameroonian market, driven by high digital adoption, intense competition among operators, and the growth of interoperable services.
Amina Malloum
