In a sweeping directive with far-reaching implications for Cameroon’s nascent digital economy, the Ministry of Finance has given all fintech companies operating in the country less than three months to obtain a formal license or shut down their operations entirely. The announcement marks a decisive move by the government to tighten control over digital financial services amid mounting concerns over consumer protection, fraud, and money laundering.
The official communiqué, signed by Minister of Finance Louis-Paul Motaze, warns that companies engaged in fundraising, credit lending, mobile payments, and money transfer services — especially those operating through digital platforms — must secure approval from the Ministry as licensed payment institutions by August 2025 or face closure in accordance with CEMAC financial regulations.
“Certain companies are providing financial services without the approval of competent authorities,” the statement reads. “This is a violation of Article 84 of Regulation №04/18/CEMAC/UMAC/COBAC of December 21, 2018.” The regulation prohibits the operation of payment services without a license and empowers regulators to shut down violators.
The Ministry’s directive does not name specific companies but is expected to affect dozens of startups and digital platforms across Cameroon, many of which have operated for years in a gray area without clear regulatory oversight. It also explicitly orders all public administrations, authorized payment service providers, and economic operators to immediately terminate partnerships with unlicensed fintech firms.
A Regional Trend Toward Regulation
Cameroon’s ultimatum comes just weeks after the Central Bank of West African States (BCEAO) initiated a similar regulatory crackdown across the West African Economic and Monetary Union (WAEMU). That enforcement — also based on long-standing but previously unenforced regulations — caused widespread service disruptions and financial uncertainty in countries like Senegal, Côte d’Ivoire, and Mali. Thousands of fintech users were left with frozen funds and failed transactions following the suspension of services by unlicensed operators.
Though Cameroon is part of a different regional bloc, the Central African Economic and Monetary Community (CEMAC), its recent move echoes a broader pattern: governments and monetary authorities across Francophone Africa are rushing to bring fast-growing fintech ecosystems under regulatory oversight amid concerns about data security, consumer protection, and the risk of financial crimes.
The Cameroonian Ministry’s notice not only sets a deadline for licensing applications but also threatens legal consequences for non-compliance. Companies that continue operations without approval after the three-month window will be shut down, and their promoters may face administrative or judicial action. Online lending and fundraising platforms were singled out for particular scrutiny, with the Ministry ordering an immediate halt to any advertisements or communication campaigns promoting such services.
“The risks of fraud, money laundering, and financing of illicit activities are real,” the Finance Ministry warned, citing operations carried out “without respecting the regulations in force.”
The regulatory message is clear: fintech innovation must operate within the bounds of state supervision.