• Yunus Group opens Ivory Coast unit to finance projects, launch Yunus Pay.
• Plans Ghana and Nigeria expansion with energy and digital partnerships.
• Operates in 12+ countries; aligns with BCEAO’s PI-SPI platform

Yunus Group, a Cameroonian financial services firm, is expanding its footprint in West Africa with a new subsidiary in the Ivory Coast, a strategic move to tap into the region’s growing demand for infrastructure financing and digital banking solutions. The company, founded by Jehu Ndoumi, also plans to enter Ghana and Nigeria, signaling ambitious growth plans across the continent.

The Ivory Coast unit, led by Director General Richard Kouadjo, will focus on financing infrastructure projects through public-private partnerships, according to a statement from Yunus on August 25. A key initiative is the launch of Yunus Pay, a digital banking platform designed to enhance financial inclusion for the region’s unbanked population and diaspora communities. Ivory Coast, a hub for West Africa’s $400 billion economy, has a bancarization rate of just 19%, creating fertile ground for fintech innovation.

“Yunus is positioning itself to bridge the financial inclusion gap in West Africa,” said Ndoumi in the statement. “Our digital banking solutions will empower underserved communities and support critical infrastructure development.”

The expansion aligns with broader regional efforts to modernize financial systems. The Central Bank of West African States (BCEAO) is set to launch its instant payment platform, PI-SPI, on September 30, 2025, connecting banks, fintechs, and mobile money operators across the eight-nation West African Economic and Monetary Union (UEMOA). The platform aims to streamline cross-border transactions, a move analysts say could accelerate digital banking adoption in a region where mobile money penetration is surging.

Yunus’s push into the Ivory Coast comes as West Africa’s fintech sector attracts growing investment. Nigeria and Ghana, the company’s following targets, accounted for over 60% of Africa’s $1.4 billion in fintech funding in 2024, according to CB Insights. Yunus plans to replicate its Ivory Coast model in these markets, leveraging partnerships in energy, mobility, and digital sectors to drive growth.

The company, which operates in over a dozen countries across Africa, Europe, and the Middle East, has a strategic hub in Luxembourg. Its expansion strategy focuses on consolidating its presence in Central and Southern Africa while targeting West Africa’s high-growth markets. However, Yunus has faced scrutiny in the past, notably after Gabon’s government in 2023 denied claims that the firm raised 3,280 billion CFA francs ($5.5 billion) for a national development plan.

Analysts view Yunus’s move as part of a broader trend in which African fintechs are capitalizing on the continent’s youthful population and rising smartphone penetration. “West Africa’s digital economy is at an inflection point,” said Aisha Mensah, a fintech analyst at Lagos-based Afrinvest. “Firms like Yunus are betting on scalable solutions to capture the unbanked market, but execution and regulatory hurdles will be key.”

Yunus’s entry into the Ivory Coast could intensify competition in a market already crowded with players like Ecobank and Société Générale, which have rolled out initiatives targeting small businesses and women entrepreneurs. The firm’s success will hinge on its ability to navigate the region’s complex regulatory landscape and deliver on its digital banking promise.

Originally Written in French by Sandrine Gaigne
Adapted in English by Idriss Linge