The Cameroon diaspora can send secure money transfers direct to the phones of their friends and relatives in Cameroon using the WorldRemit app or website. The service sends more money transfers to Mobile Money accounts than any other provider, partnering with 34 services in 26 countries. Over half of WorldRemit’s money transfers to Africa are now received on Mobile Money accounts.
Mobile Money is increasingly becoming the preferred way to send, store and receive money in Cameroon. With only 12% of adults in Cameroon holding bank accounts, Mobile Money provides a way to access financial services using just a phone.
MTN Mobile Money has over 2.6 million registered users in Cameroon. Thanks to MTN, Mobile Money users in Cameroon can pay bills directly from their phone, pay for fuel, pay for items at local stores, restaurants and hotels, purchase rail tickets on Camrail, pay for funeral insurance, pay University tuition fees and even receive their salary directly into their mobile money account.
Remittances play an important role in Cameroon’s economy - Cameroon received USD 1.201bn in remittances in 2015 according to the World Bank.
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