Cameroon: Orange Money, MTN MoMo Customer Funds Interest Hits CFA21.5B

• Orange Money Cameroon and MTN MoMo earned CFA21.5 billion in interest from customer funds held in bank accounts in 2025.
• Orange Money received CFA9.9 billion, while MTN MoMo earned CFA11.6 billion from these interest payments.
• As of December 31, 2025, the two operators collectively held CFA473 billion in dedicated bank accounts.
• These figures were reported by Cameroon's National Economic and Financial Committee (CNEF) on October 2, 2026, based on data from COBAC.
• Under CEMAC Regulation No. 04/18, funds in mobile wallets remain the property of the customer, despite operators earning interest on them.

Under CEMAC Regulation No. 04/18, funds added by a customer to their mobile wallet do not change ownership; they explicitly remain the property of the customer.

A recent report from Cameroon's National Economic and Financial Committee (CNEF), officially published on October 2, 2026, has brought to light substantial interest income generated by leading mobile money operators in the country. The 2025 CNEF report indicates that bank accounts used by Orange Money Cameroon and Mobile Money Corporation Cameroon (MTN MoMo) to hold funds linked to customer transactions collectively accrued CFA21.5 billion in reported interest. This significant sum represents earnings derived from the substantial deposits maintained by these operators within the banking system.

Specifically, Orange Money accounted for CFA9.9 billion of this total interest, while MTN MoMo received CFA11.6 billion. The underlying funds that generated this income were considerable; as of December 31, 2025, Orange Money held CFA193 billion in its dedicated bank accounts, and MTN MoMo held CFA280 billion, bringing their combined total to CFA473 billion. These detailed figures, which were provided by the Central African Banking Commission (COBAC), are presented in Table 3.31 of the CNEF report, offering a transparent look into this particular aspect of mobile money operations in Cameroon.

The operational framework governing these financial activities is established by CEMAC Regulation No. 04/18, dated December 21, 2018, which pertains specifically to payment services within the Central African Economic and Monetary Community. This regulation is crucial for understanding the context of how mobile money operators manage customer deposits. A key tenet of this regulatory environment, as outlined in the regulation, is that funds added by a customer to their mobile wallet do not change ownership; they explicitly remain the property of the customer.

Despite the funds remaining customer property, the mobile money operators, Orange Money and MTN MoMo, are the entities earning interest on these pooled deposits held in various commercial banks. The CNEF report not only quantifies the interest earned but also specifies the financial institutions that hold these substantial customer funds and details the interest rates applied to the accounts managed by the two mobile money providers. This arrangement highlights a unique dynamic within the mobile money ecosystem, particularly concerning the beneficial ownership of the funds versus the recipient of the interest income.

The CFA21.5 billion in interest income earned by Orange Money and MTN MoMo represents a revenue stream entirely separate from the conventional fees charged for mobile money services. Typically, operators generate income through direct charges on transactions such as transfers, withdrawals, and payments. The revelation of this additional, substantial income source from interest on customer funds held in mobile money bank accounts adds another significant dimension to the financial models of these companies, indicating a broader scope of profitability than previously emphasized.

The sheer volume of funds held—CFA473 billion combined as of late 2025—underscores the significant financial footprint and scale of mobile money services in Cameroon. This substantial pool of capital, managed by the operators but ultimately belonging to their customers, generates considerable passive income for the mobile money providers. The comprehensive details provided by the Central African Banking Commission (COBAC) through the National Economic and Financial Committee (CNEF) report offer critical insights into the financial landscape of mobile money operations and the various ways these services generate profit beyond direct user fees, impacting the overall economic environment.

Lawyers advising mobile money operators or banks in CEMAC should scrutinize CEMAC Regulation No. 04/18 to assess the legal implications of operators earning interest on customer funds, particularly concerning beneficial ownership and potential regulatory or consumer protection challenges given that the underlying funds remain customer property.

Source: Original reporting via a financial committee report