Côte d’Ivoire – Key Findings from the Scoping Report
- The mobile financial services market in Côte d'Ivoire is the largest and most diverse in the West African Economic and Monetary Union region, with 2.4 million subscribers registered in the past 2 to 3 years. However, specific challenges exist that could hamper the adoption and impact of mobile financial services. These include low transaction volumes, a limited number of agents and service points and a lack of information on the needs of consumers.
- In addition, the lack of interoperability or an efficient aggregator model introduces substantial inefficiencies and duplication. The GIM, the electronic payments platform which is majority-owned by the Central Bank could potentially play this aggregator role, if it repositions itself as a neutral player.
- Given the lack of information, banks and microfinance institutions are unsure of how to position themselves in this space and most importantly, how they can make money beyond commissions and earnings on float. Market research that tracks financial flows within specific value chains could potentially demonstrate mobile financial services utility and drive new product development.
- Overall, the development of mobile financial services in Côte d’Ivoire is promising and has positive spill-over effects on the rest of the West African Economic and Monetary Union region, given the country’s strategic economic importance.