Financial inclusion in Cameroon: an analysis of individual behavior regarding access to formal and informal financial services

This study examines individual access behavior toward financial services (FS) in Cameroon, within a context still characterized by high financial exclusion and where informal financial services are favored because they are perceived as more easily accessible. Using data from the 2021 and 2025 Global Findex surveys, conducted among 1000 individuals by the World Bank, the article explores the factors influencing individuals' choices between access to formal financial services (FFS) and informal financial services (IFS). A multinomial logistic regression is used to compare the probabilities of accessing FFS, IFS, or both simultaneously. Simple logistic regressions are then employed, under the assumption of independence between the different forms of FS access, to verify the reliability of the results and test the model's robustness. The results show that gender, age, education level, employment status, living standards, and mobile phone ownership significantly and differently influence the probability of accessing various forms of FS in Cameroon. These factors thus affect the choice of financial sector in distinct ways, highlighting the complexity of the financial access landscape in the country.