Mobile Money Remittances to Central Africa Reach Almost $1 Billion
The Central African diaspora sent $992 million to the CEMAC region through mobile money platforms in 2023 according to Bank of Central African States data. Meanwhile, this represents a significant shift from traditional cash-based transfer services toward digital remittance channels.
Cameroon Dominates Regional Mobile Money Market
Cameroon accounts for 76.57% of total mobile money transaction value within the CEMAC region. Therefore, the country leads Chad, Central African Republic, Congo-Brazzaville, Equatorial Guinea, and Gabon in digital payment adoption. Moreover, Cameroon holds 62.11% of regional mobile money remittance accounts and 63.58% of transaction volumes. Consequently, high mobile phone penetration and tech-savvy population drive the country’s market dominance.
British fintech WorldRemit has established strong presence through partnerships with major mobile operators including MTN and Orange. Subsequently, the platform enables diaspora to send money directly to recipients’ mobile wallets. Therefore, this integration eliminates the need for physical cash collection at agent locations. Additionally, WorldRemit acquired Africa-focused competitor Sendwave for over $500 million in 2020 and formed parent company Zepz.
Digital Channels Enable Financial Inclusion Growth
Mobile money remittances provide accessible and affordable fund transfer options for previously unbanked populations. Meanwhile, recipients use transferred funds for essential expenses including education, healthcare, and daily living costs. Moreover, digital payment platforms facilitate capital flow into local communities and support small business operations. Therefore, mobile money drives broader financial ecosystem development.
The transformation from cash-based to digital remittance systems continues accelerating across Central Africa. Subsequently, fintech companies expand services and infrastructure throughout the region. Consequently, mobile money platforms connect diaspora communities with families while fostering economic opportunity through improved financial access and reduced transaction costs for cross-border transfers.
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