Abstract

This study set assess the effectiveness of the regulations on mobile money transactions in Cameroon. The development of ICT and digital technologies had made great to transactions including transfer of money.

The introduction of Mobile Money is as a result of these rapid technological advances which bring forth a modern means of transferring money through a cell phone. Although there is a legal framework regulating mobile money services and transactions in Cameroon, the degree of protection it affords is insufficient.

The methodology adopted in the study is qualitative. Data was obtained from the primary and secondary sources. Primary data include laws at it emanate from the legislator, case law and interview. Secondary data include textbooks, published and unpublished thesis, peer-reviewed journal articles, the internet sources as well as seminar and conference papers.

Through this methodology, the findings reveal that, mobile money services have facilitated business transactions and improved customer experiences which in the long run will lead to growth in the economy of the country. Telecom and financial regulators, such as central banks, are the two main types of observed mobile money regulators, and sometimes the regulation of mobile money services is carried out jointly by the two institutions.

Some regulatory aspects are of particular interest from the law enforcement perspective. It is identified that, the risks of money laundering and terrorist financing attached to the execution of mobile money operations stem from the identification of the clientele. It is therefore recommended that, laws should be reforms to guarantee effective regulation of mobile money services in Cameroon.

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