CEMAC Mobile Money Transfers Surge Past $1 Billion as Digital Payments Reshape Regional Finance

The Central African Economic and Monetary Community (CEMAC) witnessed a remarkable leap in mobile money and digital payment activity in 2023, with total transactions on the Gimacpay platform nearing $1 billion (601.7 billion XAF), according to fresh data from the Bank of Central African States (BEAC). The Gimacpay platform, operated by the Central African Interbank Monetary Group (GIMAC), processed over 12 million transactions by December 31, 2023 — a 50% increase in value from 2022, when 10 million transactions worth 395 billion XAF were recorded. GIMAC Director General Valentin Mbozo’o credited this growth to the network’s robust infrastructure, supported by its PCI DSS-certified platform in Yaoundé and a backup site in Douala.

GIMAC currently manages 35% of the 2.7 million payment cards circulating across the six CEMAC member states, representing over 964,000 active cards. However, the region’s payment landscape is now overwhelmingly dominated by mobile money. BEAC data reveals that electronic wallets accounted for 73% of transaction volumes and 65% of total transaction value in 2023, compared to just 27% and 35% for bank cards. This shift underscores a deeper structural transformation in Central Africa’s financial ecosystem, where telecom-driven mobile money networks are taking the lead in driving financial inclusion, interoperability, and digital economic participation.

The GIMACPAY network has expanded significantly to include 95 participants, comprising 53 banks, 13 microfinance institutions, 11 mobile money operators, the Cameroonian Public Treasury, a postal financial service, and 16 aggregators. Despite the progress, BEAC highlights lingering delays in implementing the regional interoperability framework—specifically Governor’s Instruction No. 001/GR/2018, which governs payment system rules within the CEMAC bloc.

Cameroon continues to dominate the mobile money sector in the region, holding 62.11% of all active accounts and 63.58% of recorded transactions. The country’s nearly 25 million accounts out of the 40 million registered across the six-member states reflect its dynamic digital economy, high mobile penetration, and vibrant competition among operators. The market expanded by 7.1% in 2023, reaffirming Cameroon’s position as the hub of CEMAC’s digital financial revolution.

As mobile money continues to outpace traditional banking channels, CEMAC’s financial ecosystem is rapidly evolving toward a more interconnected, tech-driven future—one where digital payments are not just a convenience but a cornerstone of regional economic transformation.

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