Home / Business / Cameroon: 870bn CFA transferred via Mobile Money

Cameroon: 870bn CFA transferred via Mobile Money

APA – Douala (Cameroon) Financial transactions in Cameroon via Mobile money reached 870 billion CFA francs in 2016, APA learned from the Telecommunications Regulatory Agency (ART) on Sunday.

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.

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.

According to financial analysts, 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.

APAnews

Check Also

L’OIF s’engage à aider à la reconstruction de l’Assemblée nationale ravagé par un incendie

APAnews | L’Organisation internationale de la francophonie (OIF), s’est engagée à aider à la reconstruction …

12 comments

  1. If our financially profane diasporans are incapable of capturing the market of muyondo,garri,okro,eh nang Tari,in France,england and Germany where they reside.it is impossible for them to dream of putting in place a mobile company that will enable us control the activity of mobile money transfer.if you ask why we can’t control the commerce of the African food that we eat.the response will be unanimous mondo biya is the fault.but what is the connection between etudi where mvondo live and the act of growing cassava in njah etu processing to muyondo,garri,etc exporting and selling in France Germany and England? mystery

  2. The worst thing is that many diasporans are already trapped and enslaved financially for the next ten twenty thirty years paying old tide apartments naively taken on credit.this tragic situation leaves them with no possibility to build capital for real investment that is productive investment. The result is that they are desperate,very frustrated wasting all their time insulting politicians.but will it change anything?

    • @Acho international don’t kill me with laugh kikiki !!!

    • The one and only RT Hon. Bah ! Na you don make my day, I couldnt even finish what you wrote without falling into a fit of laughter. Greetings from the corn farm. kikiki

  3. Right Hon. Rev. Bah Acho,
    I can feel you on the scene again. You just remind me of a friend who went home and was soon loud that he has two houses. When his Dad who is a well to and successful business man visited him and he showed him the houses, the Dad, laughed and ” My Son, do you think that you are better than mami Sofi who has been living in the CDC camp for 17 years today? Look at the houses i have built at home. Son a rat mole habitat is better than your two houses together. ” Better come back home

  4. Épée Dipanda

    Francophones will be francophones.
    This is supposed to be an achievement? We should clap?
    Uganda, Kenya, Ghana you name it all have 90-100% mobile penetration.
    In Ghana close to triple this amount is transacted on mobile networks monthly. Remember Ghana exceeds the Cameroonian population by less than 4 million. For Kenya the mobile money amount will be at least 10 times what this report claims.
    Now when we get to Buea, without this useless FCFA, we will beat all these records.
    Lazy la Republique people.
    Ambazonian for life!

  5. EPEE DIPANDA,,,,the question here is not the volume of money transaction through mobile phone,but who own control and so makes the money?in all the countries you mention above,it should be vodafone and mtn.but who own this two companies?a quick look at the whear holders will give you a sign of which direction the cash is flowing.this is how through ignorance we promote one form of exploitation over another instead of going straight for an african language that will enable us to construct our thinking in line with our center of interest.

    • Épée Dipanda

      @Bah Acho your ignorance is stunning at times.
      What are the charges? 1%. Compare same to international flows which World bank claimed only this week to want to reduce and which still average approx 30% globally?

    • Épée Dipanda

      Language has nothing to do with mobile money which was invented in Kenya.
      Again as I educate you for free on this occasion as we will be doing in Ambazonia for all our citizens please note that there are several companies across Africa doing this. Not all are UnAfrican. MTN is African. Glo is African. The money stays in Africa and both South Africa and Nigeria as I mentioned have invested billions across Africa.
      Besides 1% transaction costs to keep the networks up and running is a fair price to pay for the platforms.
      You la Republique people why don’t you understand fairness?

  6. who makes the money?

    • Épée Dipanda

      Go get an education Bah,
      I am not ready to train you free of charge.
      You could of course apply for residence in Ambazonia when we get to Buea.
      There will be free, cumpolsory basic education. All the way to the university….
      Maybe then you will learn that mobile money transacted “in-country” is a better partner to development than erratic FDI.

      • Don’t expect Bah Acho to take up your offer. Don’t! When a person marks time on the same spot over the years, such offers do not appeal at all. It is so much easier to teach than to learn in cyberspace.