Cameroon Weekly Capital Brief

1. Banking: converting financing needs into recurring income

Context

Businesses need to fund inventories and investment, households use payment services and governments raise finance. Banks can meet these needs through lending and financial services.

Verified facts

Cameroonian banks generated CFAF 208.6 billion in net profit in 2024, up 12.5%. Cameroon accounted for approximately 46% of CEMAC banking net profit.

Gross lending increased by CFAF 471 billion, or 8.4%. Meanwhile, doubtful loans rose by 14.5%.

Impact and profitability drivers

Our interpretation: the spread between financing yields and funding costs, supplemented by fees, can generate recurring income. Rising troubled loans underline the role of credit quality in preserving that margin. Aggregate results cover diverse situations, including several loss-making banks.

How an investor can gain exposure

An equity investment in an accessible bank offers one route. Another involves investing in a microfinance institution whose legal form permits outside equity, then supporting a transition towards banking status. Cameroon has already seen this trajectory. It requires appropriate capital, governance and systems, followed by a banking licence; each project must establish its own feasibility.

Primary sources

• CEMAC — 2024 Multilateral Surveillance Report, Cameroon chapter, p. 79
• CNEF — 2018 money and credit report, transition from microfinance to banking

2. Telecommunications: monetising growing usage on networks that are difficult to replicate

Context

Mobile plays a central role in internet access in Cameroon. Operators with established networks and distribution can serve recurring connectivity demand.

Verified facts

According to ART, mobile segment revenue reached approximately CFAF 631 billion in 2024, an increase of nearly 12%.

Internet traffic rose by 26%. Mobile accounted for 99% of internet subscriptions, out of a total exceeding 15 million. Subscriptions can include several accounts held by the same person.

As an individual illustration, one operator reported net profit exceeding CFAF 13 billion in 2025. This company result provides an example rather than a sector-wide profitability measure.

Impact and profitability drivers

Our interpretation: growing usage can increase revenue on existing infrastructure. Network costs, licences and coverage create barriers to entry. Investors must also assess cash remaining after network maintenance, expansion and debt repayment.

How an investor can gain exposure

Potential routes include direct equity where available, indirect exposure through a listed parent, or investment in related infrastructure and services. A parent company provides exposure to several markets; a supplier has its own contracts, margins and risks, requiring a separate assessment.

Primary sources

• ART — Official presentation of the 2024 Annual Observatory
• Official operator publication — 2025 results

3. Agribusiness: serving demand that domestic production struggles to cover

Context

Palm oil illustrates Cameroon’s supply needs. MINEPAT identifies a structural production shortfall and increased reliance on imports, particularly to supply food processing.

Verified facts

According to MINEPAT, palm oil imports reached approximately 130,600 tonnes in 2025, compared with 69,700 tonnes in 2024, an increase of 87.3%.

Public accounts for one Cameroonian producer show CFAF 10.638 billion in net profit in 2025, compared with CFAF 10.410 billion in 2024. This figure concerns a single producer rather than the entire agribusiness sector.

Impact and profitability drivers

Our interpretation: imports indicate demand already served by overseas suppliers. A local producer can capture part of that demand by producing, processing and delivering competitively. Yields, energy, inputs, logistics and selling prices determine the margin. Established plantation results require careful adjustment before use in a new plantation’s business plan.

How an investor can gain exposure

Some agribusiness companies have shares listed on BVMAC. Access involves a brokerage firm and opening securities and cash accounts. Private equity in an existing company offers another route, subject to checking land rights, supply arrangements and commercial outlets. Both routes require examining distributions and the ability to sell the investment.

Primary sources

• MINEPAT — Bulletin 10, year 2025, January 2026, p. 13; customs data
• Parent company 2025 annual report — Cameroonian producer data, p. 15
• BVMAC — Investor access to the market