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Cameroon : Online Monetary Transactions Boost Tertiary Sector

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All branches of activity in the tertiary sector in Cameroon experienced growth between January and March 2022, reports the National Institute of Statistics.

Mobile money, internet, banking services hagve particularly driven economic growth in this sector, which grew by 4.6% year-on-year. “Information and communication services boosted the sector’s performance with an acceleration of 13.4% in the first quarter of 2022, after 4.7% the previous quarter. This branch relies on the increase in Internet consumption and the greater use of mobile money to contribute 0.3 points to quarterly GDP growth,” the National Institute of Statistics said in its report on Cameroon’s national accounts for the first quarter of 2022.

IAC reported that over the past ten years in Cameroon, the state and telecoms operators have made significant investments in telecoms infrastructure, which have enabled the country to make great strides in Internet access. “From less than 10% in 2007, the penetration of the Internet in Cameroon has reached 30% in 2020,” said the Minister of Posts and Telecommunications, Minette Libom Li Likeng, August 12, 2020 in Yaounde on the occasion of the launch of a national campaign to promote a culture of cybersecurity and awareness of responsible use of social networks.

This increase in the use of the internet in Cameroon is also explained by “a substantial drop in retail prices“, says a recent report by the International Finance Corporation (IFC), a subsidiary of the World Bank dedicated to financing the private sector.

The increase in the mobile penetration rate (90% according to the IFC), have also enabled the expansion of mobile money in the country. As a result, in the CEMAC zone, Cameroon is now the leader in this financial service offered mainly by mobile phone operators, and which contributes to increasing the financial inclusion of unbanked populations. Indeed, according to a report by the BEAC, the issuing institution common to the six CEMAC countries, with 64.8% of Mobile Money accounts and 73.1% of transactions, Cameroon dominates the CEMAC market in 2020.



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