CMR witnesses increase in money transfers from abroad

Transfers of money from the diaspora to Cameroon are constantly increasing as it moved from 181 billion CFA francs in 2009 to 281.7 billion CFA francs in 2013, according to figures obtained from the division of the balance of payments at the Ministry of finance.

This is an increase of more than 100 billion CFA francs in four years, an upward trend which is expected to be confirmed this year.

The CEMAC (economic and Monetary Community of Central Africa) area is the main starting point of remittances from the diaspora to Cameroon, with 38 percent shipments recorded in 2013, against 27 percent for France, 15 percent for the United States and 20 percent for the rest of the world.

According to corroborating sources, these funds are used mainly to satisfy the basic needs of families in the country.

Furthermore, on the Department of finance, an important part of the money from the diaspora is transferred through informal channels, among other things, because of the high cost of the costs charged by operators such as MoneyGram and Western Union money transfer.