{"id":16606,"date":"2024-08-30T02:25:00","date_gmt":"2024-08-29T22:25:00","guid":{"rendered":"https:\/\/gbc1.net\/?p=16606"},"modified":"2024-12-21T12:58:42","modified_gmt":"2024-12-21T08:58:42","slug":"mobile-payments-drives-digital-economy-in-west-africa","status":"publish","type":"post","link":"https:\/\/gbc1.net\/index.php\/2024\/08\/30\/mobile-payments-drives-digital-economy-in-west-africa\/","title":{"rendered":"Mobile Payments Drives Digital Economy in West Africa"},"content":{"rendered":"\n

According to a report on electronic payments released by the Central Bank of West African States (BCEAO<\/a>) in August 2024, digital payments are making good progress in the region. Several countries in the region have put in place a #digitalzation<\/a> strategy and roadmap. <\/p>\n\n\n\n

Cash withdrawals via ATM form the most common type of transactions with FCFA 632 billion, or 88% of total exchanges. Digital payments via bank cards, mobile wallet, and other online payment gateways amounted to FCFA 78 billion, or 10.9% of transactions. Cash advances via credit cards only made up 1% of total transaction volume with a amount f FCFA 362 million in 2023.<\/p>\n\n\n

\n
\"\"
Visa and Mastercard Bank Cards are the most popular in West Africa<\/figcaption><\/figure><\/div>\n\n\n

8,004,173 bank cards are in circulation in the West Africa Economic and Monetary Union (UEMOA<\/a>) with 6,338,017 linked to a bank account. Most cards are still based on the IC technology but take up of NFC no-touch card is ramping up. On the other hand, cards with magnetic stripes are gradually getting phased out.<\/p>\n\n\n\n

The most popular card in WAEMU is the Visa card<\/a> followed by the GIM card. The Interbank Group for Electronic Payment (GIM-UEMOA<\/a>) also has a partnership with Mastercard<\/a> to issue cards under that logo.<\/p>\n\n\n

\n
\"MTN
MTN Ambition 2025 Strategy<\/figcaption><\/figure><\/div>\n\n\n

As a case in point, Togo registered 7,85 billion digital transactions totaling FCFA 711 billion. Benin has also expressed high ambitions to democratize broadband access by 2025 through the allocation of a sizeable budget of FCFA 16.4 billion. Over the past few years, Cote d’Ivoire has been hosting the annual African Digital Week to promote the #DigitalTransformaton<\/a> agenda in Africa.<\/p>\n\n\n\n

On the private sector side, MTN<\/a> (JSE:MTN) is executing its #Ambition2025<\/a> strategy to become the prime digital services provider across Africa. As part the #DigitalTransformation<\/a> drive, MTN has partnered with Tecnotree<\/a> to offer innovative cloud-based services enabled by 5G or fixed broadband in five key markets, namely, Benin, Cote d’Ivoire, eSwatini, South Sudan and Zambia.<\/p>\n","protected":false},"excerpt":{"rendered":"

According to a report on electronic payments released by the Central Bank of West African States (BCEAO) in August 2024,<\/p>\n","protected":false},"author":1,"featured_media":16618,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":0,"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":""},"categories":[5],"tags":[747,31,749,748],"yoast_head":"\nMobile Payments Drives Digital Economy in West 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