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Côte d’Ivoire records CFA17 billion worth of Mobile Money transactions each day

Côte d’Ivoire records CFA17 billion worth of Mobile Money transactions each day
  • Comments   -   Thursday, 23 March 2017 - 15:22

(Ecofin Agency) - In Cote d’Ivoire, each day, about 17 billion CFA francs pass through Mobile Money. This was revealed by René Tano, executive of BICICI, subsidiary of BNP Paribas, during the 5th edition of the currency and e-payment forum taking place in Casablanca, Morocco.

Citing the regulatory organ of telecommunications in Cote d’Ivoire (ARTCI), Tano said the sum mentioned takes into account all transactions (transfers, deposits, bills payment) of Orange, MTN and Moov which are the three telecom companies operating in the country.

These figures are scary. As soon as there is an incursion of a telecom operation, they expand to heights that compare in no way to banking transactions figures,” Tano told Agence Ecofin (Ecofin Agency). He further put the accent on the “huge seism” which would take place if one of the operators, let’s say Orange, decided to acquire a bank in Cote d’Ivoire.

Moreover, he highlighted that Cote d’Ivoire’s bancarization rate, which stands around 15-16%, is still far from Morocco’s, one of the leaders in Africa in this regard and the host-nation of the 5th edition of the currency and e-payment forum.

The forum which focuses on digital technology is organized by Interworld and VISA.

Louis-Nino Kansoun, special envoy

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