Public Management

WAEMU: Financial inclusion rate rose to 60.1% in 2019, with Côte d’Ivoire topping the ranking

WAEMU: Financial inclusion rate rose to 60.1% in 2019, with Côte d’Ivoire topping the ranking
Wednesday, 11 November 2020 16:54

The financial inclusion rate within the West African Economic and Monetary Union (WAEMU) grew to 60.1% in 2019 with Côte d’Ivoire now being the best performer. The figures were provided by the Central Bank (BCEAO) in its 2019 report on financial inclusion in the region.

This rate is 4.5 percentage points higher than in 2018 when the rate was 55.5%, according to the new report. BCEAO says the increase was motivated by a strengthening of the contribution of e-money to financial services in the region. The rate of use of e-money services increased by 5.4 percentage points to 39.6% in 2019.

By country, Côte d'Ivoire now has the highest financial inclusion rate (77.9%), now outperforming Benin (77.8%). Togo has 72.3%, Burkina Faso, and Senegal 70.9% and 70.0% respectively. Niger, for its part, has a financial inclusion rate of 17.5%, one of the lowest in the subregion despite an increase in 2018.

In terms of growth, Guinea-Bissau came first with its rate growing by 19.0 percentage points. Côte d'Ivoire came second with 10.8 percentage points, followed by Mali (+4.5 percentage points) and Benin (+3.4 percentage points).

In terms of banking services, Togo recorded the best performance of the union last year, like in 2018. The strict banking rate (TBS), which measures the percentage of the adult population holding an account in banks, postal services, national savings banks, and the Treasury reached 25.1% in the country, placing it ahead of Benin (24.8%), Burkina (23.2%) and Guinea-Bissau (20.3%) for a regional average of 18%.

The extended banking rate (which takes into account the strict banking rate and users of microfinance services) stood at 78.5% in Togo, the highest rate ahead of Benin (72.2%), Senegal (52.0%), and Burkina Faso (43.4%), for a regional average of 39.7%.

Let’s note that some rates have been revised to take into account the multi-banking phenomenon in the region, which consists of the holding by the same person of several accounts in one or more financial institutions.

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• Central African Republic seeks $12B for 2024-2028 development plan• 58 projects target agriculture, mining, energy, transport, and health• Goal:...
• S&P Global Ratings lowered Botswana's sovereign credit rating to BBB from BBB+, maintaining a negative outlook.• The downgrade stems from collapsing...
• Only six of Nigeria's 13 listed banks currently meet the Central Bank of Nigeria's (CBN) new recapitalization requirements.• The CBN significantly...
• Kenyan lender Equity Bank has initiated steps to enter the Ethiopian banking market, recently opened to foreign investment.• Ethiopia offers a market of...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
03

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
04

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
05

As a relatively small issuer in the West African Economic and Monetary Union (WAEMU) market, Benin i...

How Benin, a Small West African Nation, Became a Darling of Regional Debt Markets
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.