Core Insights - The Central African Economic and Monetary Community (CEMAC) has recorded a historic remittance amount of 557.3 billion Central African Francs (approximately $9.95 billion) through mobile payment platforms in 2023, highlighting the growing importance of mobile payments as a key financial channel connecting expatriates with their home countries [1] Group 1: Remittance Sources - The majority of remittances originated from Europe, with 399 billion Central African Francs (approximately $712 million) sent by CEMAC nationals residing in Europe, of which 388.4 billion Central African Francs (approximately $693 million) came from EU countries [1] - Remittances from the Americas totaled 105.2 billion Central African Francs (approximately $18.8 million), while those from within Africa were around 60 billion Central African Francs (approximately $10.7 million) [1] Group 2: Mobile Payment Dominance - Cameroon emerged as the leader in mobile payment activities within the region, accounting for 62.11% of accounts, 63.58% of total transaction volume, and 76.57% of total transaction value in 2023 [1] - The dominance of Cameroon reflects the deep penetration of mobile phones and the rapid adoption of digital financial services among consumers [1] Group 3: Technological Impact - Technology plays a central role in the lives of Cameroonians, particularly in remittance transfers, which are becoming the preferred method due to their speed, cost-effectiveness, and convenience [2] - The UK fintech company WorldRemit, which entered Cameroon in 2016, has strengthened this transition by enabling direct transfers to local mobile wallets through partnerships with MTN and Orange [2] - Cameroon is identified as WorldRemit's largest and fastest-growing market in the Francophone region of Africa, with an annual growth rate of 120% [2]