Cote d’Ivoire
during 2025-2028
Popularity of e-commerce payment methods
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Bank transfers are a formal method of payment in Côte d’Ivoire, primarily used by businesses and individuals with access to banking services. However, their adoption faces limitations due to low banking penetration (only 15% of the population has a bank account) and high service fees. Despite these barriers, bank transfers remain relevant for secure, high-value transactions.
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Reasons for Popularity
Security: Trusted for large transactions, especially in business contexts, due to enhanced traceability and reliability.
Integration with Formal Economy: Essential for payroll, supplier payments, and government services in Côte d’Ivoire’s formal sector.
Growing Digital Banking: The adoption of mobile banking apps by leading banks like Société Générale and Ecobank is making transfers more accessible to the urban population.
Mobile money services have significantly enhanced financial inclusion in Côte d'Ivoire, with 40% of adults holding mobile money accounts as of 2021, up from 34% in 2017. Leading providers include Orange Money, MTN Mobile Money, Moov Money, and Wave, each contributing to the sector's rapid growth and accessibility.
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Reasons for Popularity
Increased Financial Inclusion: The rise in mobile money accounts from 24% in 2014 to 40% in 2021 reflects a significant improvement in financial inclusion, enabling more Ivorians to participate in the formal economy
Market Competition and Innovation: The entry of new players like Wave has intensified competition, leading to more affordable and innovative services. For instance, within two months of Wave's launch in April 2021, Orange's market share declined by 8.7%, indicating a dynamic and competitive market landscape
Regulatory Support: The Central Bank of West African States (BCEAO) issued regulations in 2015 that encouraged non-banks to issue e-money, setting the stage for a digital transformation in Côte d’Ivoire. Between 2014 and 2017, mobile money almost single-handedly drove a 20% increase in financial account ownership across the country
