It is of no doubt that Africa is being shaken by the volcanic digital revolution. Not surprisingly, the mobile money wave has crossed the Sahelian band over to West Africa from its Kenyan birthplace.
A conducive policy and regulatory framework
Zooming in on the WAEMU [also known as UEMOA] region comprised of Francophone West Africa (Benin, Burkina Faso, Côte d’Ivoire, Guinea Bissau, Mali, Niger, Togo, Senegal), one could see it as one of a kind success story when it comes to conducive regulation triggering increase of financial services for the poor. In 2006, the vision to foster economic growth through an improved state of access to financial services was part of the rationale for adopting an innovative regulation allowing non-bank players in the financial services market.
Building on the new regulatory framework and the integrated monetary and economic zone with regional payment systems, the regulator (BCEAO) opened consultations in 2007 with the banking sector and the member states for a ‘bancarisation’ action plan in which every stakeholder was to implement a specific agenda aiming to improve the access and usage of bank accounts and electronic transactions.
For more on this story visit the following: The Rise of Mobile Money in West Africa
Source: CPI Financial