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

Nearly a month after blackouts began to worsen across Cameroon’s Southern Interconnected Grid, electricity outages continue to affect seven of the country’s ten regions. In Yaoundé, the planned power cuts announced to last four to six hours often extend for several days. Many neighborhoods are without power, and other towns and villages across the country are also affected. Homes and businesses are struggling to cope.

Power utility Eneo has been sending alerts to customers, citing repeated issues on the transmission network managed by Sonatrel, the national electricity transmission company. The alerts mention ongoing maintenance work, fallen poles, broken cables caused by trees falling during heavy rains, and fires at overloaded transformers. In recent days, Eneo has reported almost daily incidents at the Nyom substation, located on the outskirts of Yaoundé. This substation is newly built and plays an important role in transmitting power from the Nachtigal dam.

The Nachtigal hydropower dam has been connected to the national grid since the first half of 2024. The first of its seven turbines, each with a capacity of 60 MW, began generating electricity last year. On March 18, 2025, the dam reached full capacity, with all seven turbines injecting a total of 420 MW into the grid, according to NHPC, the company in charge of the project. The official inauguration of the dam is scheduled for April 3.

Despite the increase in electricity production, the distribution network remains unreliable. Many parts of the country are still experiencing power cuts. Sources close to the project say that some of the new power lines needed to deliver electricity from the Nachtigal project are not yet completed. As a result, it is difficult to use all the power produced by the dam. Industrial demand has also grown, with an estimated additional need of more than 300 MW, according to industry sources.

Under the agreement between the State of Cameroon and NHPC, the government is required to pay CFA10 billion each month as soon as the dam becomes fully operational. This payment is due whether the energy is consumed or not. Since March 18, when the dam began supplying its full 420 MW to the grid, this condition has been in effect.

Although the dam has increased Cameroon’s electricity production capacity by 30%, many consumers are still experiencing daily outages.

Source: Business in Cameroon

Cameroon’s public debt climbed 7.8% in 2024, reaching CFA14.237 trillion by the end of December—about 45.6% of the country’s GDP. The latest report from the National Sinking Fund (CAA), released in March 2025, attributes this rise mainly to borrowing by the central government.

Despite the increase, the CAA maintains that the debt remains under control and aligns with the country’s 2024-2026 Medium-Term Debt Strategy, which aims to keep it below 50% of GDP by 2026. This target is still well under the regional limit of 70% of GDP.

The bulk of the debt—92.6%—comes from the central government, while public enterprises account for 7.2%, and local governments hold a minimal 0.08%. The report also notes that central government borrowing surged 8.7% over the year, reflecting growing budgetary commitments.

Source: Business in Cameroon

Biya regime secured $400 million (about CFA239.6 billion at the current exchange rate) from the World Bank to improve public finance management and promote sustainable, inclusive growth. According to a statement from the World Bank, the funds will be provided through two new financing deals. The first will offer budget support to help Cameroon boost its efforts toward inclusive and sustainable growth while enhancing its resilience to climate change. The World Bank highlighted that Cameroon’s economy is grappling with rising budgetary pressures and growing external financing needs. This support will help the government implement bold reforms to improve fiscal sustainability, strengthen social services, and lay the groundwork for long-term infrastructure development. “This operation is expected to have significant positive impacts that would enhance economic and social development in Cameroon,” said Cheick Fantamady Kante, the World Bank’s operations director for Cameroon.

The second operation, called “Improving Performance, Accountability, and Transparency (IMPACT),” focuses on boosting Cameroon’s domestic resource mobilization. The aim is to improve the equitable and efficient use of public funds, which will, in turn, support critical services like healthcare and water supply. Henri Fortin, the team leader for this operation, emphasized that IMPACT will provide the government with additional resources to fulfill its core functions and improve accountability. The operation will also help Cameroon manage its public finances in a way that is more responsive to climate and gender considerations.

Source: Business in Cameroon

AFG Bank Cameroon, formerly known as Banque Atlantique, is now the country’s third-largest bank, trailing only Afriland First Bank and Société Générale. As of January 31, 2025, the bank reported strong financial figures, including CFA934 billion in customer deposits, CFA568 billion in outstanding loans, and CFA500 billion in government securities, according to CEO Éric Valéry Zoa.

A subsidiary of Ivorian financial group AFG Holding, the bank strengthened its financial position in 2023 by increasing its share capital from CFA23.8 billion to CFA28.8 billion. That same year, it posted a net profit of CFA23 billion, enabling it to distribute CFA13 billion in dividends to shareholders.

By the end of January 2024, AFG Bank Cameroon’s equity stood at CFA80 billion, ensuring compliance with regulatory standards set by the Central African Banking Commission (COBAC). “This solid position allows us to fully meet prudential requirements,” said Zoa at an official rebranding ceremony held on March 3 in Yaoundé.

The bank employs 500 people across its network. AFG Bank Cameroon’s history dates back to January 2008, when Ivorian businessman Koné Dossongui, founder of AFG Holding, acquired Amity Bank Cameroon Plc. The sale was approved by COBAC in September 2008, leading to the official launch of Banque Atlantique Cameroon in June 2009.

As of 2023, the bank serves over 138,000 active clients, both individuals and businesses, and operates 22 branches nationwide.

Source: Business in Cameroon

MTN Cameroon has officially appointed Wanda Matandela as its new Chief Executive Officer (CEO), marking a significant milestone for the company as it continues to expand its footprint in the telecommunications sector.

With a strong background in leadership and strategic development, Matandela is expected to play a crucial role in strengthening MTN Cameroon’s network, enhancing digital services, and driving customer-centric innovations. His arrival emphasizes a renewed focus on technological advancement, market expansion, and financial inclusion, reinforcing the company’s commitment to delivering seamless connectivity to millions of Cameroonians.

As MTN Cameroon navigates an evolving digital landscape, Matandela’s leadership could pave the way for new opportunities, increased investment in infrastructure, and improved access to digital financial solutions. This transition highlights the company’s vision of promoting sustainable growth, innovation, and digital transformation in Cameroon and the region.

Source: Telecomreview