Dynamic Market of Mobile Services Hit Cote d’Ivoire

Money Transfer

A four-year program set up by IFC and The MasterCard Foundation is to contribute to the development and expansion of mobile financial services in the country

IFC and MasterCard launched the program at the beginning of 2012 with investment of USD37.4 million with purpose to bring financial services to an estimated 5.3 million unbanked people in Sub-Saharan Africa.
The recent event taken place in Abidjan was to showcase the huge potential in the country especially with simplifying access to finance for low-income households, small-scale businesses and in hard-to-reach areas.

The country has experienced a huge increase in new subscribers of mobile financial services with 14% of the population in the last three years.

Cote d’Ivoire has the largest and most dynamic mobile financial services market in West Africa with 90% of the total population.

IFC (International Finance Corporation) Resident Representative in Cote d’Ivoire, Cassandra Colbert, said: ”Improving access to finance is important for supporting shared prosperity in Cote d’Ivoire. IFC and The MasterCard Foundation want to help local financial institutions realize the opportunity in Cote d’Ivoire for the development of agent banking and mobile financial services that will accelerate the reach of financial services to those currently without banking services.”

IFC and the MasterCard Foundation consider access to financial services a key tool in poverty alleviation that can dramatically change the lives of the economically marginalized.

The program also targets microfinance business models that can deliver large-scale low-cost banking services and provides technical assistance to mobile network operators, banks and payments systems providers in order to accelerate the development of low-cost mobile financial services.