- (Business in Cameroon) – Mobile Money transactions in Cameroon reached XAF 22.1 trillion in 2023, representing 76.6% of all Mobile Money operations in the CEMAC region.
- Cameroon had 24.86 million Mobile Money accounts, including 11.7 million active ones, compared with only 2.2 million cheque accounts.
- Digital and fintech services, including Mobile Money, boosted MTN Cameroon’s revenues by 14.1% in 2024.
Fourteen years after its introduction, Mobile Money has become one of Cameroon’s dominant payment methods, standing alongside bank transfers and surpassing cheque usage. According to the Bank of Central African States’ (BEAC) 2023 report on payment services in the CEMAC region, Mobile Money transactions totaled CFA22.1 trillion in 2023, or 76.57% of all Mobile Money activity across the bloc.
Orange Cameroon launched the service in September 2011, allowing users to make financial transactions via mobile phones without using traditional banking channels. By 2023, Mobile Money transactions were nearly double those made by cheque, which totaled CFA12.6 trillion during the same year.
Bank transfers, however, maintained their lead as the country’s top payment method. Their total value reached CFA33.1 trillion in 2023—about CFA11 trillion more than Mobile Money and triple the value of cheque payments.
Driver of Financial Inclusion
The rise of Mobile Money underscores its key role in promoting financial inclusion in Cameroon. With a mobile penetration rate above 80%, the service is accessible to both banked and unbanked populations. In contrast, cheques and bank transfers remain confined to account holders in a country where the overall banking rate, including microfinance, does not exceed 40%.
BEAC data show that Cameroon had 24.86 million Mobile Money accounts in 2023, compared with just 2.2 million cheque accounts. Among them, 11.7 million were active—used at least once within the 30 days preceding the study.
New Growth Engine for Telecoms
This rapid expansion has turned Mobile Money into a strategic growth pillar for telecom operators. MTN Cameroon’s financial statements show that its digital and fintech services, including Mobile Money, grew revenues by 14.1% in 2024. Although traditional voice and data services remain the company’s main income sources, Mobile Money has become a cornerstone of its business model.
This article was initially published in French by Brice R. Mbodiam
Adapted in English by Ange Jason Quenum
