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Ivory Coast: The low banking rate compared to that of countries like Togo or Burkina Faso

04/01/2022
Categories: Sectors

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Compared to that of countries such as Togo or Burkina Faso, the banking rate in Côte d'Ivoire remains low. According to the information site ''Ivorian Connection'', certain behaviors of commercial banks will drive away customers in 2022.

Banking in the Ivory Coast remains low compared to that of countries such as Togo or Burkina Faso. Economies, however, less efficient than Côte d'Ivoire. When we are interested in the strict banking rate, that is to say the percentage of the population holding an account in "classic" banks with all the advantages, savings banks, postal services or the Public Treasury , Ivory Coast is not the best ranked in the Uemoa. The leading trio is dominated by Togo, Benin and Burkina Faso. The banking rate, which was 7.1% in 2007, rose to 19.7% in 2016, according to official government figures. Figures which have evolved since then to stand at “40%”, still according to our officials, in terms of expanded banking rate, in 2020.

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