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Population
29.6M
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Online population
11.2M
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Currency
XOF
Population - 29.6M
At the start of 2024, 53.4% of Côte d’Ivoire’s population lived in urban centres, while 46.6% lived in rural areas.
Internet penetration - 38.4%
There were 11.2M internet users in Côte d’Ivoire at the start of 2024
Côte d’Ivoire has experienced a strong growth of FinTech in recent years, whereas financial service providers are increasingly turning to technology to reach more clients. Back in November 2022, a start-up raised $14M, a record for an Ivorian technology company. This rapid development of FinTech has contributed to the development of many financial services and innovative business models.
FinTech refers to companies that leverage technological and digital advances to innovate in the fields of finance and banking.
Côte d'Ivoire needs significant efforts to become a leading FinTech nation, as it currently lags behind countries like Kenya, South Africa, Egypt, and Nigeria in Fintech investments. The CEO of Afrinovatech suggests learning from Singapore and the United States to digitally transform its FinTech ecosystem. To join the top 5 African nations in FinTech, Côte d'Ivoire must intensify its actions, adopt best practices, and foster a startup mindset to capitalize on the projected $65B FinTech revenue by 2030.
<aside> 🎇 Visa's Africa FinTech Accelerator program has shortlisted startups from 28 African countries for its second cohort, offering 12 weeks of mentorship and training to Series A startups. This cohort sees a significant increase in female leadership at 65%, up from 43% in the first cohort. The Sub-Saharan African startups shortlisted for the second cohort of the Visa Fintech Accelerator for Africa program are: Bizao – Ivory Coast – Merchant payment solution, Hub2 – Ivory Coast – Enabler Infrastructure.
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The government aims to reach 60% financial inclusion and digitalise some 80% of its services by 2024. In 2021 the World Bank conducted a study assessing the FinTech and digital financial services landscape in Côte d’Ivoire, identifying 37 initiatives that could be supported through increased funding, digital skills and a clearer operating environment. In response, the government developed a 2022-24 roadmap to improve the segment and foster the next generation of industry leaders. Additionally, the APIF has organised stakeholder workshops and innovation forums to boost fintech companies’ access to markets and finance.
Côte d'Ivoire has 28 banks operating in the territory.
Traditional banks are not left behind and have also adopted digital strategies to remain competitive. Ecobank, for example, has rolled out a uniform mobile app across several African countries, providing a consistent and feature-rich banking experience. Other banks such as Standard Chartered have innovated by offering the possibility of opening accounts online and by integrating digital pathways for various financial products.
The Ivorian mobile financial services market is rich and diversified, with more than 130 financial services available on the mobile applications of the main players analyzed. Services vary from account and beneficiary management to securing transactions and integrating payment solutions like Orange Money.
<aside> 🗺️ In Côte d’Ivoire, Bridge Bank is positioning itself as a distinctive niche bank, investing $20M to build muscle and control the local market. Pan-African lender Access Bank, the winner in Ghana, is pushing to conquer the continent through acquisitions. Its latest foray is in Kenya, where it is taking control of the National Bank of Kenya (NBK) at an estimated $100M price tag.
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