Mobile Money Fuels Nearly $1 Billion in Diaspora Transfers to CEMAC Region in 2023
YAOUNDÉ, Cameroon – Remittances to the central African Economic and Monetary Community (CEMAC) region via mobile money surged to CFA557.3 billion (approximately $913 million USD) in 2023,demonstrating the growing importance of digital financial solutions in facilitating transnational flows. The dramatic rise underscores a fundamental shift in how funds reach households across the region, bypassing conventional banking constraints and fostering financial inclusion.
This influx of capital, largely driven by diaspora communities, provides a critical lifeline for families in CEMAC nations, supporting consumption, liquidity, and investment. the trend reflects a broader adoption of mobile money as a viable alternative to conventional money transfer services, offering increased affordability, speed, and accessibility.In 2018, the Regional Director for Africa and the Middle East noted that “Cameroon is our most crucial and fastest-growing Francophone African market, with 120% annual growth,” signaling the early momentum behind this digital revolution.
Mobile money’s success stems from its ability to circumvent cumbersome regulatory hurdles often associated with traditional financial transfers to Africa. This structural change is reshaping the interplay between technology, finance, and transnational support networks within the CEMAC zone. The sustained expansion highlights digitalization’s role in reducing costs and promoting financial inclusion, particularly for those previously excluded from formal banking systems.
According to Business in Cameroon, the increasing reliance on mobile money is poised to continue shaping the economic landscape of the CEMAC region in the years to come.
