Ivory Coast: Mobile banking reaches 20 million
Twenty out of the 24 million inhabitants of the Ivory Coast now use mobile banking, according to data released by the Association of Ivory Coast Banks and Finance professionals (APBEF-CI).Twenty out of the 24 million inhabitants of the Ivory Coast now use mobile banking, according to data released by the Association of Ivory Coast Banks and Finance professionals (APBEF-CI).
Souleymane Diarrassouba, head of the APBEF-CI, declared: “There is a tremendous growth in the mobile banking sector. The latest figures show that there are between 19 and 20 million customers out of a population of 24 million”.
Cote d’Ivoire is therefore the country of the West African Economic and Monetary Union with the highest percentage of penetration for mobile banking, over 50 points above the zone average.
In comparison, only 15% of Ivorians have access to formal banking.
According to an article published last August by the Wall Street Journal, in sub-Saharan Africa countries, which the Ivory Coast is part of, the use of mobile banking is six times higher than in the rest of the world.
Overall, Ivory Coast inhabitants are keen to adopt new means of banking. The number of registered digital financial services customers nearly doubled between 2012 and 2013, as shown by a study supported by the International Finance Corporation.
Cash-in and cash-out functionalities are the most popular, adding up to $2.5 billion in transactions over the course of 2013.