Banking
From The Report: Cote d'Ivoire 2022
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Côte d’Ivoire’s banking sector has played a key role in post-2012 economic recovery and growth, financing large-scale infrastructure projects, private sector industrial expansion, agricultural activity and the services industry. The banking sector has been competitive and this trend is expected to continue in the short term, with both traditional banks and non-bank players increasing their product offerings in an effort to attract customers. Against the backdrop of an enabling regulatory framework, the accelerating adoption of digital and mobile money services could see financial technology companies and non-bank financial institutions expand further into micro-loans, while traditional banks will likely continue to scale down their operational costs, particularly branch networks.

This chapter contains interviews with Tiémoko Meyliet Koné, Former Governor, Central Bank of West African States; and Aymeric Villebrun, CEO, Société Générale Côte d’Ivoire.

Articles from this Chapter

Overview

Bridging the gap: A concerted focus on expanding financial inclusion and digital money is fuelling competition in the sector
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Côte d’Ivoire’s banking sector has played a key role in the country’s post-2012 economic recovery and growth, financing large-scale infrastructure projects, private sector industrial expansion, agricultural activity and the services industry. Sector players have remained largely unchanged during this time, with 29 banks and two financial institutions operating in the country, according to the Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest, BCEAO).…

Analysis

Forward thinking: Targeting availability and affordability to boost inclusion
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The availability and affordability of financial services such as payments, savings, credit and insurance are central to financial inclusion. Rural populations, women and low-income groups in Côte d’Ivoire have historically had less access to financial services, which has impeded growth and economic activity. The comparatively high cost of traditional banking products has also been a contributor to low uptake. However, the development and increasingly widespread use of mobile money and digital…

Interview

Wider reach: Tiémoko Meyliet Koné, Former Governor, Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest, BCEAO), on improving services and fostering financial inclusion
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Interview:Tiémoko Meyliet Koné What measures can be taken to increase the volume of credit and encourage long-term financing? TIÉMOKO MEYLIET KONÉ: The BCEAO has implemented several mechanisms to consolidate the banking sector’s capacity and increase its ability to finance economic activity. These include assistance provided to small and medium-sized enterprises (SMEs) as part of a financial support scheme launched in 2018 designed to help such entities build bankable applications. Credit…

Interview

Tailored approach: Aymeric Villebrun, CEO, Société Générale Côte d’Ivoire, on development trends in the banking sector
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Interview:Aymeric Villebrun What measures could be implemented to increase the level of banking penetration? AYMERIC VILLEBRUN: There is a wide distribution of income and wealth in Côte d’Ivoire. A certain proportion of the country already has full access to banking services; however, there is another segment that could benefit more from these services, but the available programmes do not specifically meet their needs. At the same time, there is another group that has yet to gain full…

Analysis

Fiscal reach: Many authorities are attempting to bridge tax revenue gaps by introducing levies on electronic transactions
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A number of sub-Saharan African countries have sought to introduce taxes on mobile transactions, in response to the sustained uptake prompted by the Covid-19 pandemic. While such moves have been met with criticism, they represent an opportunity to boost tax revenue significantly. The Covid-19 pandemic and its knock-on effects gave rise to a sharp increase in electronic payments across the African continent – a trend that is set to continue. In parallel to this, public finances in the region have…

Analysis

Riding the wave: Tackling cryptocurrency crime by strengthening legislation
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Amid record levels of cryptocurrency crime, many emerging markets are looking at ways to strengthen their cryptocurrency-related protections. The incidence of cryptocurrency-linked crime is increasing as the uptake of the payment medium rises rapidly and broadly. A record $14bn in digital currencies was transferred to illegal addresses in 2021, according to blockchain data platform Chainalysis, up 79% from the $7.8bn recorded in 2020. Illicit addresses are defined as accounts or wallets tied to…