Côte d'Ivoire has made progress in financial inclusion. The latest World Bank survey (Global Findex) shows that the financial inclusion rate in Côte d'Ivoire stands at 51% compared to 41% in 2017, representing a 10 percentage point increase. This improvement is linked to the development of mobile money, the promotion of microfinance institutions, and government actions.
Specifically referring to the use of financial services, the expanded banking rate has improved. This rate increased from 30.8% in 2019 to 32.6% in 2020 and to 43.2% in 2022.
In the banking sector, the strict banking rate rose from 17.8% in 2018 to 29.5% in 2022, associated with the digitalization of banking services.
In the microfinance sector, the cleaning up of the sector has contributed to improving access for the population. Thus, 19.1% of the population (aged 15 and over) in 2022 have an account that allows them to carry out financial transactions, compared to 13.6% previously.
Regarding Electronic Money Issuers (EME), the number of mobile phone transactions more than tripled from 2018 to 2021, reaching 1,144 million in 2021.
Evolution of key indicators for monitoring financial inclusion in Côte d'Ivoire between 2018-2022
|
INDICATORS |
2018 |
2019 |
2020 |
2021 |
2022 |
|
ACCESS INDICATORS FOR FINANCIAL SERVICES |
|||||
|
Overall demographic penetration rate of financial services (TGPSFd) (= Total number of financial service points / adult population) * 10,000 |
60 |
115 |
118 |
156 |
209 |
|
Overall geographical penetration rate of financial services (TGPSFg) (= Total number of financial service points / total area) * 1,000 km2 |
293 |
574 |
627 |
856 |
1,176 |
|
USAGE INDICATORS FOR FINANCIAL SERVICES |
|||||
|
Strict banking rate (TBS) (= Number of individuals holding deposit or credit accounts in banks, postal services, savings banks, and the Treasury / adult population) |
17.79% |
19.08% |
20.47% |
26.11% |
29.51% |
|
Expanded banking rate (TBE) (= Number of individuals holding deposit or credit accounts in banks, postal services, national savings banks, the Treasury, and SFD / adult population) |
28.79% |
30.79% |
32.58% |
38.67% |
43.16% |
|
Microfinance service usage rate (TUSM) (= Number of individuals holding accounts in microfinance institutions / adult population) |
10.99% |
11.72% |
12.11% |
11.81% |
13.65% |
|
Electronic money service usage rate (based on active accounts - TUSME) (= Number of individuals holding active accounts with EME, electronic money issuing banks, and other financial institutions / adult population) |
49.48% |
61.04% |
64.92% |
77.42% |
79.47% |
|
Overall financial service usage rate (based on active accounts, adjusted for multi-banking - TGUSF) (= Total number of individuals holding active accounts at banks, the Post Office, national savings banks, the Treasury, SFD, and EME / adult population) |
67.07% |
78.70% |
79.10% |
82.63% |
83.55% |
Source : BCEAO
Here is the translation of the provided text into English:
Summary of Financial Inclusion Monitoring Indicators Related to the Microfinance Sector
| INDICATORS | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Number of access points to formal financial services | 413 | 414 | 415 | 414 | 450 | 461 |
| Number of open and active accounts with licensed financial service providers (in millions) | 1,005,567 | 1,146,726 | 1,211,644 | 2,112,262 | ND | ND |
| Outstanding deposits mobilized by licensed financial service providers (in billions of FCFA) | 285.6 | 333.1 | 368.3 | 437.6 | 486.2 | 555.9 |
| Number of loans outstanding with licensed financial service providers | 282,755 | 281,926 | 274,690 | 289,387 | 432,778 | 457,274 |
| Outstanding credit contracted with licensed financial service providers (in billions of FCFA) | 303.5 | 360.6 | 372.3 | 442.5 | 513.4 | 605.9 |
| Number of clients (individuals and legal entities) with licensed financial service providers and banks (in millions) | 1.704 | 1.844 | 2.050 | 2.216 | 2.211 | 2.309 |
| Number of licensed financial service providers | 50 | 48 | 46 | 46 | 47 | 46 |
| % of the population (aged 15+) having an account that allows for financial transactions | 10.1 | 13.6 | 14.3 | 19.6 | 19.1 | ND |
Source: APIF CI
ND: Not Available
Summary of Financial Inclusion Monitoring Indicators Related to the Banking Sector
INDICATORS | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Number of access points to formal financial services | 708 | 725 | 712 | 733 | 664 |
598 |
| Number of open and active accounts with licensed financial service providers (in millions) | 2,897,629 | 3,931,729 | 3,806,832 | 5,490,498 | 6,331,550 | 5,306,247 |
| Outstanding deposits mobilized by licensed financial service providers (in billions of FCFA) | 8,991.90 | 9,555.20 | 11,196.90 | 14,043.10 | 15,629.5 | 14,953.205 |
| Number of loans outstanding with licensed financial service providers | ND | ND | ND | ND | ND | ND |
| Outstanding credit contracted with licensed financial service providers (in billions of FCFA) | 7,114.70 | 7,776.30 | 8,323.00 | 9,710.1 | 11,095.9 | 10,916.143 |
| Number of clients (individuals and legal entities) with licensed banks (in millions) | ND | ND | ND | 4,669,991 | ND | 4,588,826 |
| Number of licensed financial service providers | 27 | 29 | 28 | 28 | 28 | 28 |
| % of the population (aged 15+) having an account that allows for financial transactions | 17.80% | 19.10% | 20.50% | 26.10% | 29.51% | ND |
Source: APIF CI
ND: Not Available
Summary of Financial Inclusion Monitoring Indicators Related to the MSME Sector
| INDICATORS | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
| Number of access points to formal financial services | 147,583 | 234,231 | 286,019 | 339,476 | ND | ND |
| Number of mobile phone transactions (in millions) | 303 | 642 | 687 | 1,144 | ND | ND |
| Number of open and active accounts with licensed financial service providers (in millions) | 8,088 | 12,193 | 14,800 | 20,813 | ND | ND |
| Number of licensed financial service providers[1] | 6 | 11 | 13 | 13 | 13 | 13 |
Source: APIF CI
ND: Not Available