Abstract:

This research investigates the impact of Mobile Money Transfers (MMTs) on economic development in Cameroon, with specific attention to Mobile Telephone Network Mobile Money (MTN MoMo). Furthermore, the study was done in the town of Obala, 33km from Yaoundé. Data was collected using questionnaires and focus groups and it was analysed with Statistical Package for Social Science (SPSS) version 16 plus. The study showed that Mobile Money Transfers are significant to the Cameroonian economy, due to the fact that it has strongly contributed to economic development through creation of employment and financial inclusion. In addition, MMTs are easily accessible in remote areas and easy to use when paying and receiving tax. In short, this is the reasons why it has increased the use of electronic-wallet (e-wallet) money in Cameroon as well as reducing the transaction costs and risk. That said, the study therefore recommends that the government put in place regulations to deal with the Mobile Money Transfer sector to ensure that the interests of the consumer are safeguarded and at the same time guaranteeing the viability of the sector. Furthermore, mobile network operators are encouraged to improve service quality and ensure that people do not have challenges in accessing their funds due to network congestion and poor network connectivity.

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