For years, Cameroon’s digital finance scene has been a comfortable two-horse race dominated by South Africa’s MTN and France’s Orange. Recently, fintech unicorn Wave arrived, promising to slash fees and disrupt the status quo. Now, in a move that could either supercharge competition or simply add to the confusion, the Cameroonian state has officially entered the fray.

State-owned telecoms operator CAMTEL has formally incorporated “Blue Mobile Money SA,” a new subsidiary armed with a share capital of 500 million FCFA (approx. €762,000) and a mandate to shake up the market. The incorporation documents, filed at the Douala-Bonanjo Court of First Instance in mid-September, mark the official starting pistol for a race that CAMTEL has been warming up for since 2023.

The state’s move is framed as a direct response to consumer complaints about the high costs that have long characterized the MTN-Orange duopoly. In theory, a third major player — especially one backed by the government — should be good news for the 24 million-plus mobile money users in the country.

However, in the world of Cameroonian telecoms, theory and practice often lead very different lives.

Leading the new venture as Chairman of the Board is Jean Marie Aimé Ottou. He is not a seasoned fintech guru, but a public official from the Ministry of Public Procurement, where he chairs a commission overseeing building contracts. A logical choice, perhaps, for a venture that will require navigating significant red tape before its first transaction is even processed. As of early October 2025, Blue Mobile Money is still more of a legal entity than an actual service available to the public.

A Party Already in Full Swing

CAMTEL is not just late to the party; it’s arriving as another, more agile guest is already spiking the punch. Fintech heavyweight Wave, which has successfully forced incumbents to lower prices in Senegal and Côte d’Ivoire, officially launched in Cameroon this year.

In a shrewd move, Wave appointed Joël Bertrand Ndjodo, a former senior mobile money manager at MTN Cameroon, as its country lead. Bypassing the complex process of acquiring its own e-money licence in the tightly regulated CEMAC region, Wave has partnered with local lender Commercial Bank Cameroun (CBC), which received the green light from the regional banking commission in June.

The “Wave effect” is already palpable. Orange Cameroon, which along with MTN controls roughly 95% of the market, pre-emptively slashed its withdrawal fees to 1%. In a statement, the company said it was suddenly inspired to “make life easier for Cameroonians through accessible and increasingly affordable solutions.” This newfound altruism comes as Wave prepares to deploy its signature model of 1% transfer fees and free cash withdrawals.

This is the hyper-competitive, price-sensitive market that Blue Mobile Money plans to enter. It’s a market with enormous potential — transaction volumes ballooned from 887 billion FCFA in 2016 to over 24 trillion FCFA (€37bn) by 2023. But it is also a graveyard for the unprepared. Société Générale’s YUP service, despite its banking pedigree, was unceremoniously shut down in 2022 after failing to make a dent.

The State’s Curious Hand

CAMTEL’s entry is particularly ironic. The state operator holds a meagre 3% of the mobile telephony market, a rounding error compared to its rivals. On paper, this is the telco equivalent of bringing a spork to a knife fight.

Yet, CAMTEL holds a powerful, if dusty, ace up its sleeve: it retains a monopoly on the national fibre optic network. In a bizarre twist of market dynamics, both MTN and Orange are significant customers of CAMTEL, leasing the very infrastructure they use to dominate the mobile market. CAMTEL is now set to compete with the very companies that are its biggest clients in another division.

The question is whether a state-run entity, known more for bureaucracy than for blistering innovation, can leverage its infrastructure advantage to build a successful fintech service. Can it outmanoeuvre the deeply entrenched networks of MTN and Orange, and fend off the disruptive, low-cost assault from Wave?

For Cameroon’s consumers, the three-way battle could finally deliver the affordable digital financial services they have long demanded. But for the players involved, navigating a market with a 0.2% transaction tax, intense competition, and now a state-backed competitor who is also the landlord, will be a delicate and bruising affair. The fee wars have begun, but in Cameroon, the real fight is just getting started.