Fintech expansion grows in Cameroon's mobile money market

The Cameroonian fintech landscape is expanding with new service entries. Konoom has obtained its payment institution license, making it the third player in Cameroon to hold its own authorization, joining Orange Money Cameroun and MTN Mobile Money. Founded by Abakar Mahamat Adoum Fortey and Brahim Moussa Hassane, Konoom plans to launch Konoom Mobile Money, offering services such as money transfers, bill payments, airtime top-ups, and the ability to pay taxes and customs duties via mobile.

Simultaneously, the Nigerian fintech Grey has launched a new payment corridor to Cameroon. This service allows users to send funds in USD, EUR, or GBP, which are automatically converted to CFA francs and credited directly to MTN Mobile Money and Orange Money accounts. Grey operates via remote connection to national mobile money rails rather than local physical presence.

Cameroon remains a dominant force in the CEMAC region's digital economy. According to 2024 data from the Bank of Central African States (BEAC), Cameroon accounts for approximately 60.4% of the sub-regional mobile money user base and 72.9% of the total transaction volume.