Mobile Money usage surges in Cameroon, outpacing traditional banking

The use of mobile money services has “particularly increased” in Cameroon, rising from 29.9% in 2017 to 42.7% in 2022 for the population aged 15 years or older, according to the results of the 5th Cameroon Household Survey (Ecam 5) released on April 24 by the National Institute of Statistics (INS). These figures show a 12.8% increase in five years. Although the INS has not explained the reasons for this increase, the COVID-19 pandemic has enabled many people to access mobile money services. As a reminder, one of the measures encouraged by the Cameroonian government to curb the spread of…