Cameroon’s mobile money industry recorded strong growth in 2024, cementing its role as one of the most dynamic segments of the country’s telecoms market and a key driver of financial inclusion, according to the latest Annual Observatory of the Electronic Communications Market.
The report shows that services operated by MTN Mobile Money Corporation and Orange Money Cameroon continue to expand at pace, transforming how millions of Cameroonians save, pay and transfer funds, often without access to a formal bank account. Mobile wallets have become an essential financial tool in a country where roughly two-thirds of adults remain unbanked.
MTN and Orange post solid gains
MTN Mobile Money Corporation generated CFA70.2 billion (US$115m) in revenue in 2024, up from CFA55.1 billion (US$90m) a year earlier, marking a rise of more than 27 percent. Rival Orange Money Cameroon reported CFA65 billion (US$107m) for the same period. While there is no 2023 reference figure for Orange, its 2024 result far outstrips the CFA44.5 billion (US$73m) recorded in 2022, underscoring rising momentum in the market.
Transaction activity climbed sharply. The regulator estimates that total transaction volumes measured via SMS notifications rose from 1.24 billion (1,237,402,354) in 2023 to 1.82 billion (1,822,959,071) in 2024, a jump of 47 percent. The increase reflects the growing centrality of mobile channels in day-to-day commerce, from person-to-person transfers and small business payments to utility bills.
The number of active users also continued to rise. MTN and Orange counted 11.43 million (11,429,000) active mobile money accounts in 2024, an increase of 772,141 subscribers compared with 2023. According to the regulator, 38.8 percent of all mobile subscribers across both networks now hold an electronic wallet evidence of the sector’s steady penetration of the population.
Sector revenue accelerates
Overall, the mobile money sector generated CFA135.84 billion (US$222m) in revenue in 2024, the regulator said, representing a 146-percent leap from the previous year. Officials attribute the jump largely to the inclusion of full-year revenue from Orange Money, providing the most complete picture yet of the platform’s economic weight.
The figures highlight the growing importance of mobile money to Cameroon’s digital economy and to the telecoms operators themselves, for whom financial services have become central to revenue growth as voice and SMS revenues stagnate.
A decade-long boom
Cameroon’s mobile money boom began in the early 2010s, mirroring trends across East and West Africa. The service initially gained traction as a quick and cheap way to send money across long distances, especially for families separated between urban centres and rural areas.
The model expanded rapidly as regulators under the Central African Economic and Monetary Community (CEMAC) moved to tighten oversight and formalise electronic payments. A 2018 regional framework laid out rules for interoperability, customer identification and risk management, allowing operators to roll out more sophisticated services including merchant payments, bill settlement, savings and microcredit.
Covid-19 further boosted adoption by accelerating demand for contactless transactions and digital payments, while economic pressures pushed more people toward low-cost financial solutions.
Today, mobile money platforms in Cameroon act as de facto banking channels for millions, particularly in regions where financial infrastructure is weak or absent. Analysts say the services have improved payment efficiency, supported small businesses and helped widen access to financial tools once limited to the formal banking sector.
Rising competition ahead
The regulator expects competition to intensify with the planned entry of new players such as Wave and Blue Money. Senegal-based Wave, which disrupted markets in West Africa with ultra-low fees, could reshape pricing structures in Cameroon if granted final regulatory approval.
MTN and Orange are also expanding their agent networks and upgrading digital infrastructure to maintain their lead in a market increasingly defined by low entry barriers and fast-changing customer expectations.
Officials say the sector is likely to undergo further restructuring in the coming years as new entrants test the limits of existing regulations and push operators toward innovation. For now, the 2024 results confirm a sector in full expansion and a cornerstone of Cameroon’s shift toward a digital economy.
