Every year, the Telecommunications Regulatory Council (ART) » publishes the Electronic Communications Market Observatory in Cameroon, a powerful barometer that tracks the evolution of telecommunications and ICT in the country.
The 2023 edition highlights a key sector that is reshaping Cameroon’s digital economy: mobile financial services (MFS).
What are Value Added Services (VAS) and why are they important?
In telecommunications, value-added services (VAS) go beyond basic voice and data: they are digital services delivered over electronic communications networks.
From breaking news alerts to mobile payments, VAS allows users to view or exchange data using computer systems. In Cameroon, mobile financial services fully fall into this category.
Thanks to sectoral regulations, subsidiaries of mobile operators, notably MTN Mobile Money Corporation and Orange Money Cameroun SA, have become key players.
Both companies are approved as Payment Service Providers (PSP) by COBAC/BEAC and are duly declared to the ART to operate throughout the national territory.
Mobile money: promoting inclusion in Cameroon
Mobile financial services rely on the robust infrastructure of mobile electronic communications networks.
Through dedicated dialing resources provided by MTN Cameroon and Orange Cameroon, subscribers can seamlessly access e-wallet services, make payments and transfer money.
But beyond its convenience, mobile money provides a lifeline for unbanked populations.
In a country where access to traditional banking services is limited in rural and informal sectors, mobile money is driving financial inclusion, providing millions of people with the power to hold, send and receive money digitally.
Recommended reading: 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;
- More than 10.66 million active wallets, a net increase of 1,299,424 new subscribers;
- 40.76% of MTN and Orange network subscribers now use mobile money services.
These statistics reflect a national shift towards mobile-first finance, cementing Cameroon’s place in Africa’s digital transformation narrative.
Economic impact: beyond the numbers
The Observatory’s economic analysis reveals much 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 protection and benefit transfers;
- Peer-to-peer remittances
As Cameroon accelerates its digital economy strategy, mobile financial services reduce transaction costs, increase transparency and facilitate broader formalization of financial flows.
What this means for the future
The mobile financial services market in Cameroon is more than a fintech trend: it is a fundamental 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 conclusion
The mobile money revolution in Cameroon is not just about technology, it is also about transformation.
With over 10 million active users and growing growth, mobile financial services are opening financial opportunities, bridging the banking gap and propelling Cameroon towards a more inclusive digital economy.
Are you a fintech innovator, digital platform operator or policy maker? Keep an eye on this space: Cameroon is writing the next chapter of mobile money success in Africa.
