Managing finances online in Cameroon: Between promises of savings and local obstacles 💰

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More and more Cameroonians are looking to better manage their finances using dedicated mobile applications. These tools seem like an ideal solution in a context where the cost of living continues to rise. They allow users to track expenses, save automatically, and plan a budget. But are these tools truly adopted by users and adapted to local realities?

Promises for better money management 📊

Financial management applications primarily help users categorize their expenses. They allow tracking income and, in some cases, receiving personalized advice on financial habits. In Cameroon, there are local applications such as WeCashUp and Maviance, as well as international tools like Wallet, Money Manager, or Monefy. Some have already attracted users, helping them improve their financial management.

« I use an app to track my monthly expenses. Before, I never knew where my money went, but now I can clearly see my main expenses. Based on that, I try to save better. Plus, the app alerts and advises you on how to manage your income, » – Patrick, an employee at a telecom company.

While these tools seem promising, their adoption remains timid. Many Cameroonians continue to manage their finances traditionally, preferring to write down expenses in a notebook or simply rely on memory.

« I tried a budgeting app, but honestly, I prefer writing my expenses in a notebook. It’s simpler, and I don’t risk losing my data if my phone breaks down. Ideally, doing both would be best, but it’s exhausting. Nevertheless, I do research online to better manage my money, » says Angèle, a merchant.

Moreover, the informal economy complicates the adoption of these tools. Many people receive irregular income and cannot strictly plan their finances through an app.

Challenges of adapting to the Cameroonian market 🚧

Several obstacles hinder the widespread use of these applications:

• Low digitization of transactions: The majority of payments are still made in cash, complicating automated expense tracking.
• Lack of integration with local banks: Unlike in other countries, these apps do not synchronize directly with bank accounts, though some local banks are beginning to offer this feature.
• Lack of awareness: Many people are unaware of these tools or do not see their usefulness.
• Language barrier: Most apps are in English, making adoption more difficult for part of the French-speaking population.

« I installed an app to manage my money, but it doesn’t take Mobile Money into account. Yet, that’s where most of my transactions happen. So, it wasn’t practical for me, and I don’t want to get involved with things I don’t understand, » says Rodrigue, a student.

Saving through online videos 🎥

Faced with the limitations of financial management apps, some Cameroonians turn to online educational content to learn how to manage their money better. YouTube, TikTok, and Facebook are full of videos where experts and amateurs share practical tips on saving, budgeting, and investing.

« I discovered YouTube channels that explain how to save effectively. Thanks to these videos, I learned tips like the envelope budgeting method and the 50-30-20 rule. Others can also watch them online, which is really practical for spendthrifts like me, » says Corinne, a civil servant.

Local content creators are also emerging, sharing strategies adapted to Cameroon’s economic realities, such as managing small incomes, investing in tontines, and financial planning based on Mobile Money revenues. However, these videos remain primarily awareness tools and do not fully replace automated management through an app.

Potential yet to be tapped 🚀

Despite these challenges, some local initiatives are emerging to adapt these solutions to Cameroonian realities. What is certain is that these apps exist and some people are already using them. Cameroonian fintech companies are currently developing tools that incorporate Mobile Money, the country’s main transaction method. Some even offer automatic savings systems based on these incomes, a feature that could attract more users.

« I would love an app that allows me to set a savings goal and transfer money directly from my Mobile Money account. I mean, once I have my money in Orange or MTN Money, I should be able to have a savings tab on the same SIM card to save. That would be more practical than doing it manually, » reflects Estelle, an entrepreneur.

The future of financial management apps in Cameroon will depend on their ability to adapt to local payment methods and habits. For now, adoption remains marginal. However, with digital advancements and better awareness through online educational content, they could become essential tools for personal budget management.

 Share your experiences with us!!!
Have you ever tested a financial management app? What are your obstacles or expectations? Tell us in the comments! ☺️