Orange Money has achieved significant penetration and usage in Cameroon, ranking the country among the leading African markets for the platform. Representatives from Orange Money Cameroon presented data to the Directorate General of Customs (DGD) in Yaoundé on May 27, 2025, highlighting the service’s extensive reach as part of a proposal to the customs administration.

Orange Money, a subsidiary of Orange Cameroon specializing in mobile payments, now serves more than 11 million customers in Cameroon. This figure represents over 11.5% of the 96 million Orange Money users across 17 African countries.

Official data also show that more than 100,000 sales outlets in Cameroon provide Orange Money services, supporting the creation of over 200,000 jobs to date. These outlets account for more than 25% of the 400,000 points of sale dedicated to Orange Money distribution across Africa, according to Orange Group figures.

The widespread adoption of mobile payment services such as Orange Money and MTN Mobile Money in Cameroon reflects their popularity since launch. Their flexibility in enabling money transfers, withdrawals, merchant payments, mobile banking, and tax payments has fueled a surge in mobile money usage in recent years.

The expansion of mobile money in Cameroon was notably accelerated by restrictions imposed during the COVID-19 pandemic. The global lockdown prompted many Cameroonians to adopt mobile money services, as reducing cash handling in financial transactions was a key preventive measure promoted by the government to curb the spread of the virus. Authorities encouraged the use of mobile money, e-payment, and mobile banking. In response, mobile money operators reduced fees and ramped up promotional offers to attract more users.

Intense Competition for Market Leadership

The impact of these measures, along with the broader benefits of mobile money in promoting financial inclusion, is reflected in the results of the 5th Cameroon Household Survey (Ecam 5), published on April 24, 2024, by the National Institute of Statistics (INS). The survey shows that mobile money usage in Cameroon “increased significantly,” rising from 29.9% in 2017 to 42.7% in 2022 among people aged 15 and older—a 12.8 percentage point increase over five years.

The 2022 Report on Payment Services in the CEMAC region published by the Bank of Central African States (BEAC), underscores Cameroon’s dominance in mobile money within the six-nation bloc. According to BEAC, Cameroon accounted for the majority of mobile money transactions in the region in 2022, both by volume (71%, or 1.7 billion transactions) and by value (55%, or 59,003 billion CFA francs).

Local subsidiaries of Orange and MTN are engaged in fierce competition for market leadership. Orange Cameroon claims a 70% market share in mobile money, while MTN contests this, asserting superior performance. “I believe I can also say that we have now become the leader in the mobile financial services market, as our subsidiary Mobile Money Corporation now has the largest active mobile money user base in the country,” said Mitwa Ng’ambi, then CEO of MTN Cameroon, in an interview with Investir au Cameroun in early 2023.

Source: Business in Cameroon

Fitch Ratings has affirmed Cameroon’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘B’ with a Negative Outlook.

Key Rating Drivers

Ratings Affirmed; Negative Outlook: Cameroon’s ratings are supported by resilient GDP growth, a manageable debt maturity schedule and our expectations that moderate debt levels will be supported by non-oil revenue mobilisation and spending restraint. This is balanced against low GDP per capita, weak governance indicators and persistent security challenges. The Negative Outlook reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM), evidenced by weak liquidity management, late external debt payments and accumulation of domestic arrears.

Political and Potential Transition Risks: Fitch assumes the 92-year-old President Paul Biya, in power since 1982, will win the presidential election, scheduled for October 2025, guaranteeing political and policy continuity (which underpin bilateral support). Nevertheless, social and political tensions could increase in the run-up to the election, increasing concerns about political stability. The lack of a succession plan and political divisions and rivalries within the ruling party increase the risk of an eventual disorderly transition of power.

Persistent PFM Challenges: PFM weaknesses weigh on the rating, as evidenced by recurrent late external debt service payments (although settled within grace periods). It was revealed in July 2024 that Cameroon was late in making external debt payments to one commercial creditor in March 2024. Fitch understands that there have since been additional delays in non-commercial external debt payments, all of which were cured within the grace periods. Moreover, the World Bank’s budgeted financing for 2024 (USD200 million, 0.4% of GDP) was postponed to 1Q25 due to delays in implementing structural reforms.

Domestic Arrears: The authorities have made some progress in reducing domestic arrears, clearing XAF732 billion (2.3% of GDP) in 2024 using an Afreximbank loan (0.5% of GDP) and external commercial borrowing (1.9% of GDP in 2024, from 0.1% in 2023). Total arrears stood at XAF342 (1.1% of GDP) at end-2024, comprising entirely of longer-dated arrears (90 days or over), which are incorporated in our domestic debt figures. In 2023, longer-dated arrears stood at only 0.5% of GDP. We see continued risk of arrears accumulation, given weak public finance management.

Tight Financing Flexibility: The regional market remains tight, with Congo (CCC+) and Gabon (CCC) recently implementing local-currency debt exchanges to lengthen maturities in a context of liquidity pressures. Cameroon’s market access remains stronger than other countries in the regional market and it faces an easier amortisation profile. In 2024, Cameroon’s regional local-currency marketable debt was 6.1% of GDP in 2024, unchanged from 2023, with only 1.6% of GDP amortising within one year

We expect Cameroon’s funding needs will be covered through the IMF programme, ending June 2025, and official creditor support tied to the completion of the reviews (including the World Bank loan). Our baseline assumes strong support from official creditors will continue over the medium term, with a potential new IMF programme in 2026, the lack of which is a key risk for the financing plan.

Manageable Maturity Schedule:We estimate fiscal financing needs will decline to 4.7% of GDP in 2025 (from 5.7% of GDP in 2024), owing to a narrower cash deficit and lower arrears repayment. We project fiscal financing needs will increase to 5.4% of GDP in 2026 as domestic debt amortisation will amount to 2.6% of GDP from 2.1% in 2024. External debt amortisation will increase from 2.0% of GDP in 2024 to 2.1% in 2025 and 2.2% in 2026, including Eurobond payments at 0.1% of GDP per year.

Oil Revenue Drops: The fiscal deficit on a commitment basis deteriorated to 1.4% of GDP in 2024, from 0.6% in 2023, on a drop in oil revenue, from 2.9% of GDP in 2023 to 2.1% in 2024. We expect the fiscal deficit will remain at around 1% in 2025-2026. In our baseline, oil revenues will continue to decline due to lower oil prices and production, but non-oil revenues will gradually improve through revenue mobilisation measures, tax exemptions reduction, and improvement in tax and customs administrations.

Larger Cash Deficits: The fiscal deficit on a cash basis widened from 0.4% of GDP in 2023 to 3.5% in 2024, on a larger commitment fiscal deficit and net repayment of arrears. We expect the cash deficit will stabilise at 1.5% of GDP in 2025 and 2026, below the forecast 3.2% ‘B’ median, although the pace of net repayment of arrears casts uncertainty on the fiscal trajectory. There are risks of fiscal slippage from security and election-related spending over the forecast period.

Debt Lower Than Peers: We project government debt will continue to decline, although at a slower pace than in our previous forecast. We project government debt will decline from 41.7% in 2024 to 40% of GDP in 2026, below the ‘B’ median forecast of 50.6%. Our debt metrics include arrears (1.1% of GDP at end-2024), public guaranteed debt (less than 0.02% of GDP), and the debt of SONARA (1.9% of GDP).

Resilient Economic Growth: Real GDP growth increased to 3.9% in 2024 from 3.2% in 2023, and we forecast it will remain broadly stable at 3.9% in 2025 and 4.1% in 2026 (‘B’ median forecast of 4.6%), driven by agriculture, construction, and the coming on-stream of infrastructure and electricity projects. Downside risks to growth stem from geopolitical uncertainties, leading to renewed commodity price volatility, and inflationary pressures. The 2025 presidential election threatens reform implementation and increases security and social risks.

Narrowing CAD: We forecast the current account deficit (CAD) will continue to narrow to 3% of GDP in 2025 and 2026, from 4.1% in 2023 and an estimated 3.4% in 2024, owing to higher cocoa prices supporting exports. In 2025-2026, the decline in oil production will be offset by the implementation of the import substitution policy, while exports will increase thanks to stronger agricultural production.

ESG – Governance: Cameroon has an ESG Relevance Score (RS) of ‘5’ for both Political Stability and Rights and for the Rule of Law, Institutional and Regulatory Quality and Control of Corruption. These scores reflect the high weight that the World Bank Governance Indicators (WBGI) have in our proprietary Sovereign Rating Model. Cameroon has a low WBGI ranking at the 16th percentile, reflecting the absence of a recent track record of peaceful political transitions, weak institutional capacity, uneven application of the rule of law, a high level of corruption and persistent security issues.

Culled from Fitch

The World Bank has announced an additional CFA20 billion (about $35 million) in funding for Cameroon’s adaptive social safety net and economic inclusion project. The funds will help support vulnerable families affected by the 2024 floods in the Far North region.

Cheick Fantamady Kanté, the World Bank’s Country Director for Cameroon, made the announcement on April 14 during a portfolio review meeting with government officials in Yaoundé. He said the extra funding is in its final stages of preparation and will be used to strengthen emergency support for about 100,000 more households in need.

With this new commitment, total funding for the program will rise to roughly CFA166 billion. Of that, the World Bank will have provided CFA112 billion, with the remaining CFA54 billion coming from Cameroon’s national budget. The program was originally designed to help 356,000 people between 2023 and 2028. The new funds are expected to push that number even higher.

Launched in December 2023, the project marks the second phase of Cameroon’s broader social safety net strategy, which began in 2013. Like the first phase, it aims to support the country’s poorest households and promote entrepreneurship among young people between the ages of 18 and 35, especially in cities.

The project is structured around five core components. First, it offers regular cash transfers to low-income families, combined with basic guidance to help them become more resilient and productive. Second, it includes emergency cash payments for families affected by climate shocks, conflict, or large-scale displacement. Third, it provides money in exchange for participation in labor-intensive public works programs in both rural and urban areas.

The fourth component targets urban youth working in the informal sector, helping them launch small income-generating activities as a way to survive through self-employment.

Finally, the program also offers financial and technical support for young entrepreneurs with viable business plans, aiming to help them bring their ideas to life and join the formal economy.

Source: Business in Cameroon

The World Bank has stepped up its financial support to Cameroon. Since April 2023, the institution has added $826 million, or about CFA475 billion, to its local portfolio. The total now stands at $4.5 billion, or roughly CFA2,700 billion, up from $3.7 billion (CFA2,220 billion). This marks a 21% increase in just two years.

Cheick Fantamady Kanté, who oversees the World Bank’s Cameroon portfolio, shared the news during a review session held on April 14, 2025, focusing on the projects funded by the institution.

There are 22 active projects in Cameroon backed by the World Bank. These include both national and sub-regional programs, with 17% of them classified as national projects that include direct budget support. Kanté highlighted that the energy and transport sectors alone absorb $2.3 billion (about CFA1,380 billion), making up half of the total commitment.

Figures from Cameroon’s Ministry of Economy show that 66% of the funds are going into infrastructure. That translates to ten ongoing projects: four in energy, five in transport, and one focused on digital transformation.

The rural development sector has four projects. Governance accounts for three, education has two, and social development is represented by just one.

The significant increase in funding reflects the World Bank’s continued commitment to building up Cameroon’s key infrastructure, while still supporting essential social programs.

Source: Business in Cameroon

Mobile money has become a key part of Cameroon’s economy, now contributing more than 5% to the country’s GDP in recent years. This is one of the standout findings from the GSMA’s latest “State of the Mobile Money Industry” report. GSMA is a global association that represents the interests of more than 750 mobile operators and device makers around the world.

The report shows that Cameroon is among the top countries in Central Africa when it comes to mobile money’s share of GDP—on par with Congo and Gabon, where the contribution ranges between 5% and 8%. In Southern Africa, where mobile money isn’t as widely adopted, its share in the economy generally remains below 5%.

Cameroon is now nearly on the same level as some of Africa’s mobile money leaders like Côte d’Ivoire, Ghana, and even Kenya, which has long been seen as the global pioneer in mobile payments thanks to the launch of M-Pesa by Safaricom in 2007.

In fact, the GSMA notes that mobile money has had a bigger impact on GDP in West Africa than in any other part of the continent. In countries like Benin, Côte d’Ivoire, Ghana, Guinea, Guinea-Bissau, Senegal, and Liberia, mobile money contributes more than 5% of GDP. The same goes for Kenya, Rwanda, Uganda, and Tanzania in East Africa.

In Cameroon, this growing economic impact is backed by how much people are using the service. Mobile money usage among adults 15 and older jumped from 29.9% in 2017 to 42.7% in 2022, according to the country’s national statistics office (INS), which released these figures in April 2024. That’s a 12.8-point increase over five years.

Thanks to this rapid growth, Cameroon is now the clear leader in mobile money within the CEMAC region, which includes Congo, Gabon, Equatorial Guinea, Chad, and the Central African Republic. The BEAC, the region’s central bank, reported that in 2022, Cameroon accounted for 71% of all mobile money transactions by number—about 1.7 billion—and 55% of the total value, amounting to CFA59,003 billion.

Congo came in second in terms of volume with 15% of transactions (around 364 million), while Gabon followed Cameroon in terms of transaction value with 15% (CFA16,164 billion).

Source: Business in Cameroon

Cameroon was the only country in the Central African Economic and Monetary Community (CEMAC) to improve its current account balance in 2024, the Bank of Central African States (BEAC) revealed in its March 2025 monetary policy report.

The country’s current account deficit dropped from 4.3% of GDP in 2023 to 2.9% in 2024. This positive shift stands in sharp contrast with the rest of the region, where most member states saw their external balances worsen. Cameroon’s progress is mainly tied to stronger trade figures either due to higher exports, lower imports, or both as well as a rise in inflows from abroad.

The new data backs up the optimistic outlook shared earlier by the Cameroonian Ministry of Finance. In December 2024, the country’s national balance of payments committee had already reported a positive overall balance of CFA10 billion in Q2 2024. This followed a CFA114.6 billion deficit in the previous quarter.

“This turnaround is mostly the result of a sharp increase in foreign financing, which outweighed the deepening current account deficit. Year-over-year, however, the overall surplus shrank by CFA229.2 billion,” the committee explained at the time.

Meanwhile, economic performance across the rest of the region declined. In the Central African Republic, the current account deficit jumped from 4.0% to 10.8% of GDP between 2023 and 2024. Congo’s deficit grew from 4.5% to 10.1%. Equatorial Guinea saw its deficit rise from 3.4% to 5.2% of GDP. Gabon, which still maintains a surplus, reported a decline from 7.9% to 6.8%, and Chad’s surplus narrowed from 4.4% to 3.3%.

Source: Business in Cameroon