Every year, the Telecommunications Regulatory Board (ART) releases the Observatory of the Electronic Communications Market in Cameroon—a powerful barometer that tracks the nation’s telecom and ICT evolution.
The 2023 edition shines a spotlight on a key sector reshaping Cameroon’s digital economy: Mobile Financial Services (MFS).
What Are Value-Added Services (VAS), and Why Do They Matter?
In telecommunications, Value-Added Services (VAS) go beyond basic voice and data—these are digital services delivered via electronic communications networks.
From news alerts to mobile payments, VAS enables users to consult or exchange data using computer systems. In Cameroon, mobile financial services fall squarely into this category.
Thanks to sectoral regulations, subsidiaries of mobile operators—notably MTN Mobile Money Corporation and Orange Money Cameroun SA—have emerged as key players.
Both companies are approved as Payment Service Providers (PSPs) by COBAC/BEAC and are duly declared before ART to operate nationwide.
Mobile Money: Powering Inclusion Across Cameroon
Mobile financial services ride on the robust infrastructure of mobile electronic communications networks.
Through dedicated numbering resources provided by MTN Cameroon and Orange Cameroun, subscribers can seamlessly access e-wallet services, make payments, and transfer money.
But beyond convenience, mobile money is a lifeline for unbanked populations.
In a country where access to traditional banking is limited in rural and informal sectors, mobile money is driving financial inclusion, providing millions with the power to hold, send, and receive money digitally.
Recommended Reads: Mobile Money: A Robust Catalyst for Financial Inclusion in CEMAC.
Impressive Numbers Speak Volumes
In 2023, the momentum was unstoppable:
- 13.89% growth in mobile financial subscriptions;
- Over 10.66 million active wallets—a net increase of 1,299,424 new subscribers;
- A significant 40.76% of subscribers to MTN and Orange networks now use mobile money services
These statistics reflect a national shift toward mobile-first finance, solidifying Cameroon’s place in Africa’s digital transformation narrative.
Economic Impact: Beyond the Numbers
The Observatory’s economic analysis reveals more than just user growth. Mobile money has now become a preferred payment channel for:
- Government services and taxes ;
- Utility and bill payments ;
- E-commerce purchases ;
- Social welfare and benefit transfers;
- Peer-to-peer remittances
As Cameroon ramps up its digital economy strategy, mobile financial services are reducing transaction costs, boosting transparency, and facilitating broader formalization of financial flows.
What This Means for the Future
Cameroon’s mobile financial services market is more than a fintech trend—it’s a foundational tool for economic resilience, innovation, and social equity.
As more users come online and more services integrate with mobile money platforms, we can expect:
- Expansion of microcredit and savings products;
- Deeper integration with public services;
- Increased digital literacy and trust in electronic payments;
- New opportunities for fintech startups and investors
Final Takeaway
Cameroon’s mobile money revolution is not just about technology—it’s about transformation.
With over 10 million active users and growing, mobile financial services are unlocking financial opportunities, bridging the banking gap, and propelling Cameroon toward a more inclusive digital economy.
Are you a fintech innovator, digital platform operator, or policymaker? Keep your eyes on this space—Cameroon is writing the next chapter of Africa’s mobile money success story.
Are you a fintech innovator, digital platform operator, or policymaker? Keep your eyes on this space—Cameroon is writing the next chapter of Africa’s mobile money success story.