• Diaspora sent $990M to CEMAC via mobile money in 2023
• Europe led transfers; Cameroon dominated digital transaction volume
• Mobile money reshapes remittances, boosts financial inclusion in region
  

Mobile money has fundamentally changed how the diaspora sends money to the Central African Economic and Monetary Community (CEMAC) region. Migrants from the six member states transferred 557.3 billion XAF (approximately $990 million) via mobile money in 2023, a record that confirms the rise of digital transfers as the main channel connecting the diaspora with their home countries.

According to the latest Bank of Central African States (BEAC) report on payment services, most transfers originated in Europe, which accounted for 71.6% of total funds. The CEMAC diaspora in Europe sent 399 billion XAF to the region, including 388.4 billion XAF from EU countries alone. Transfers from the Americas reached 105.2 billion XAF (18.9%), while those from the African diaspora were modest at 60 billion XAF (10.8%). These figures highlight the overwhelming financial weight of Europe and the Americas, far outpacing intra-African flows.

Cameroon Dominates Digital Transfers

Mobile money growth in the CEMAC is largely driven by Cameroon, which accounts for 62.11% of all mobile money accounts, 63.58% of transaction volume, and 76.57% of total transaction value. This dominance reflects high mobile phone penetration and rapid adoption of digital solutions.

“In Cameroon, technology plays a major role in people’s daily lives, and money transfers are no exception,” said Imane Charioui, then Director for Francophone Africa and the Middle East at WorldRemit, in 2022. “They are gradually becoming the preferred method for customers, proving that they are just as secure as a bank transfer and much faster, cheaper, and more convenient.”

The British digital money transfer company, which entered Cameroon in 2016, has consolidated this growth through partnerships with telecom operators MTN and Orange, allowing direct deposits into local mobile money wallets. Andrew Stewart, then WorldRemit’s Regional Director for Africa and the Middle East, said in 2018 that “Cameroon is our most important and fastest-growing Francophone African market, with 120% annual growth.”

This sustained expansion underscores the role of digitalization in facilitating financial flows, reducing costs, and promoting financial inclusion. Mobile money has emerged as a credible alternative to traditional banking and money transfer agencies. More affordable, faster, and easier to access, it bypasses cumbersome regulatory constraints that often slow transfers into Africa. For households, it is an essential tool for liquidity, consumption, and household investment. This structural shift is reshaping the links between technology, finance, and transnational solidarity in the CEMAC region.

Brice R. Mbodiam, Business in Cameroon