3 Critical Developments in CEMAC’s Instant Electronic Money Transfers: 2023 Year in Review
Published 2025-10-20 • Practice: FinTech & Payments • Region: CEMAC
The electronic-money ecosystem within the Central African Economic and Monetary Community (CEMAC) continues its rapid evolution, driven by expanding access, intensified usage, and enhanced interoperability.
40M+ payment accounts in 2023 (+7.10%)
3.5B+ transactions (+45.99%)
28,911 bn FCFA total value (+23.91%)
8,220 FCFA avg. ticket (–15.58%)
This momentum underscores the region’s accelerating shift toward digital payments, transforming both financial inclusion and commerce dynamics across Central Africa.
1. Market Expansion and New Entrants
The authorisation of Banco Nacional de Guinea Equatorial, in partnership with MUNI S.A., under COBAC supervision introduced a new service provider into Equatorial Guinea’s payment landscape.
Interoperability through the GIMAC network further broadened service access, enabling greater connectivity between financial institutions, telecom operators, and consumers.
2. Transaction Volume and Value Trends
Transaction counts increased by 45.99%; total value expanded 23.91% to 28,911 bn FCFA.
Average transaction value declined by 15.58% (9,738 → 8,220 FCFA), evidencing everyday consumer use and microtransactions.
3. Regional and Country-Level Insights
Cameroon dominates: 62.11% of accounts and nearly 77% of transaction value.
Gabon, Congo, and Chad show solid growth; Congo experienced a slight decline due to tax and network headwinds.
Mobile-money distributors expanded 36.56%; data clean-up in Chad temporarily reduced active wallets.
4. Grey Zones and Untapped Opportunities
Equatorial Guinea and the Central African Republic currently lack fully licensed, independent payment institutions under COBAC/BEAC frameworks.
Opportunity signal: Frontier markets with unmet demand for digital payments and remittances. Align licensing pipelines, interoperability, and infrastructure to unlock inclusion and private investment.
5. Innovations Driving Financial Inclusion
International-fund receipts exceeded 557 bn FCFA.
GIMAC processed 8.9M+ transactions (strong growth in both volume and value).
Mobile airtime top-ups remain the leading merchant payment service across the region.
Outlook: Toward Balanced Integration
Sustained progress will depend on coordinated regional supervision (COBAC/BEAC), scaling IBAN-linked accounts, and crowding-in private capital to address underserved markets. Without harmonised expansion, disparities between digitally mature and emerging states could widen.
4M Legal & Tax Perspective
We advise financial institutions, payment-service providers, fintech investors, and policymakers across CEMAC on licensing, compliance, and cross-border payment rules. Our multidisciplinary team helps clients capitalise on growth opportunities while aligning with evolving COBAC/BEAC requirements.