(Business in Cameroon) - In Cameroon, mobile Money transfers reached CFA3,500 billion in 2017, far above the CFA300 billion the previous year. According to IMF, the figure represents 17.5% of the country’s GDP. The number of adult subscribers grew from 9% in 2012 to around 28% in 2016, with only a quarter of mobile phone users using mobile banking services during the period.

IMF mentioned that these services (launched in 2012) could significantly contribute to total financial inclusion. Yet, efforts remain to be made as so far only 5 banks (Afriland, Bicec, UBA, Société Générale, and Ecobank) out of 12 operating in Cameroon offer such services, and microfinance institutions are not yet allowed to do so.

The number of people with access to formal financial services in Cameroon is one of the lowest in sub-Saharan Africa, although 38% of total banking assets and more than half of licensed microfinance institutions in CEMAC area are located in the country. The 2014 Findex survey showed that only 12.2% of Cameroonians have an account with a financial institution.

Sylvain Andzongo