Financial Innovation and Deposit Money Performance: Evidence from Cameroon Commercial Banks

Innovations in the financial sector play a critical role in reducing poverty and promoting
economic growth. This paper investigated the effects of financial innovation variables
on the deposit bank performance of commercial banks in Cameroon. Using secondary
data, the paper concluded that the value of mobile transactions, value of ATM
transactions, value of internet Banking, and value of credit card transactions all have
the ability to enhance deposit bank performance in Cameroon due to the fact that with
services like mobile banking, internet banking, ATMs, and others, customers can
conduct transactions every hour of every day, seven days a week. This paper suggests
that there should be additional mobile and online banking options available in
Cameroon and that innovative products be priced affordably to avoid frightening away
potential customers or users. Financial innovation should not only focus on finding
funding for projects; it should also include setting up the right conditions for finding
affordable project financing. Providing the ideal atmosphere for releasing private sector
financing is another aspect of innovation