Cameroon has further cemented its dominance in Central Africa’s mobile money sector, expanding its lead in both user accounts and transaction volumes even as other countries in the region gradually gain ground, according to new data from the regional central bank.
A report published by the Bank of Central African States shows that Cameroon accounted for 65.1 percent of all mobile money accounts in the six-member CEMAC zone in 2024, which includes Cameroon, Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic.
That share marks an increase from 62.1 percent in 2023, underscoring Cameroon’s continued central role in the region’s fast-growing digital payments ecosystem.
The country also accounted for 57 percent of the total value of mobile money transactions in the region, although this figure represents a decline from 63.58 percent the previous year, suggesting that other CEMAC markets are expanding more quickly in value terms.
By the end of 2024, the region had recorded more than 51.2 million mobile money accounts, a 28 percent year-on-year increase, reflecting rapid financial digitisation across Central Africa.
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Of that total, Cameroon alone held 30.9 million accounts, an increase of more than six million compared to 24.86 million in 2023.
The BEAC attributes the surge to wider adoption of mobile banking applications, which now allow users to operate both traditional bank accounts and mobile wallets, significantly expanding access to financial services.
Regulatory and technological changes have also contributed to growth. Users are no longer restricted to a single telecom operator, allowing them to open multiple mobile money accounts linked to the same phone number across different providers.
This increased flexibility has boosted competition among mobile money operators and helped accelerate transaction growth across the region.
In 2024, the total number of mobile money transactions in the CEMAC zone rose by 6.42 percent to reach 3.7 billion, while the total value of transactions increased by 20.33 percent to CFA34,778.5 billion.
Cameroon alone accounted for CFA26,773 billion of that total transaction value, nearly four times the combined value recorded in Congo and Gabon, highlighting the country’s outsized role in regional digital finance.
Analysts say Cameroon’s dominance is driven by a combination of factors, including a relatively large population, higher mobile penetration rates, and a more developed digital payments infrastructure compared to its neighbours.
The central bank also points to promotional campaigns by mobile money providers, increased interoperability between financial institutions, and the expansion of services such as microloans and cross-border transfers as key growth drivers.
These innovations have helped transform mobile money from a simple cash transfer tool into a broader financial ecosystem that includes savings, credit, bill payments and remittances.
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However, the narrowing gap in transaction value shares suggests that other CEMAC countries are beginning to catch up, particularly as mobile infrastructure improves and financial inclusion initiatives expand.
Countries like Chad and Gabon are gradually increasing adoption rates, although they still lag significantly behind Cameroon in absolute terms.
Experts say the next phase of competition will likely focus on service diversification, pricing strategies and cross-border integration, as operators seek to capture a larger share of the growing digital economy.
For now, Cameroon remains the clear regional leader, anchoring Central Africa’s mobile money landscape even as the market becomes more competitive and sophisticated.
