Financial transactions in Cameroon via Mobile money reached 870 billion CFA francs in 2016, as stated by the Telecommunications Regulatory Agency (ART) recently.The value of transactions between 2014 and 2016 increased from 200 billion CFA to 870 billion CFA, an increase of 670 billion CFA in two years. This amount is the result of 84 million transactions per SMS, because since 2011, the year of introduction of Mobile Money Services in Cameroon, e-money is gaining momentum across the country.
Mobile Money is increasingly becoming the preferred way to send, store and receive money in Cameroon. With only 12 percent of adults in Cameroon holding bank accounts (2016 estimates), and the banking rate, which is less than 20 percent in Cameroon, could hardly evolve because of the mobile money service that users find simpler and more adapted to their concerns. Mobile Money provides a way to access financial services using just a phone.
In addition to money transfer, Mobile Money users pay electricity, water or TV bills from this payment method. With a penetration rate of mobile telecommunications of 80 percent in Cameroon, just over 18 million subscribers, Mobile Money services have found a favorable market for their development.