It was the first time the town of Meme has been targeted but there have been previous assaults near the town of Mora, which lies near the border of northeastern Nigeria.
Last week Cameroon's military killed 162 Boko Haram militants and arrested about 100 others in an assault, according to government spokesman Issa Tchiroma.
A Cameroonian military source said two girls carried out the attack.
Girls and young women have carried out a spate of suicide bombings in the region.
"These two girls took advantage of the fact that it was the woman's market," said another military source.
"They came like vendors, except they had explosives in their cooking pots."
The death toll may still rise.
There has so far been no official claim of responsibility for the attack.
