• E-money institutions in WAEMU grew revenues to CFA291.3bn in 2024, up from CFA172.9bn in 2022.
• Despite growth, they posted a net loss of CFA17.3bn in 2024, their third year in deficit.
• The sector counted 14 licensed firms by end-2024, down from 17 a year earlier.

E-money institutions (EMIs) in the West African Economic and Monetary Union (WAEMU) have seen strong growth in recent years, marked by a sharp rise in revenues, according to the 2024 annual report of the WAEMU Banking Commission.

Turnover reached CFA172.9 billion in 2022, CFA248.8 billion in 2023, and CFA291.3 billion in 2024. This growth was driven mainly by the increase in transactions, especially in Côte d’Ivoire (36.2% of the market), Benin (21.7%), and Mali (22.6%). The figures highlight that EMEs are processing more operations and generating more income.

Persistent but narrowing losses

Despite revenue growth, EMEs remain unprofitable, posting losses for the third consecutive year. In 2024, their provisional net result showed a deficit of CFA17.3 billion, an improvement from losses of CFA21.1 billion in 2023 and CFA32.8 billion in 2022. The deficit is concentrated in four institutions that hold 34.7% of electronic money balances.

As of December 31, 2024, WAEMU had 14 licensed EMIs, down from 17 a year earlier. The decline followed the withdrawal of licenses from three Côte d’Ivoire-based operators: Compagnie Financière de Paiements (CFP), Small World Financial Services Africa (SWFSA), and Africa Digital Finance (ADF). The geographic distribution of EMIs remains uneven: Côte d’Ivoire, Senegal, and Benin each have three, Mali two, while Burkina Faso, Niger, and Guinea-Bissau have one each.

The total stock of electronic money issued by WAEMU EMIs rose 25.6% to CFA1,411.7 billion in 2024, from CFA1,124.1 billion in 2023. Côte d’Ivoire (28.7%), Senegal (26.6%), Burkina Faso (22.3%), Mali (11.6%), and Benin (10.6%) account for most of the balances.

The report highlights a major challenge: of nearly 173 million accounts opened by end-2024, only 53.6 million were active, or 31%, down from 2023. Inactive accounts now number 119.4 million, showing that a large share of users still make limited use of e-money services.