Events

Getting started in Côte d'Ivoire: training on instant and inclusive payment systems

20 September 2022

More than 40 representatives of financial institutions, government agencies, telecom operators, banks and fintech from Cote d'Ivoire attended the training workshop on instant and inclusive payment systems held on September 20, 2022, at the Radisson Hotel in Abidjan. AfricaNenda organized the training in partnership with the Côte d'Ivoire Bankers’ Association (APBEF-CI) and the Côte d'Ivoire Fintech Association (CIFA). The workshop was part of AfricaNenda's efforts to support African governments' efforts towards financial inclusion.

"At AfricaNenda, we are working towards universal access to inclusive payment systems by supporting country-led and regional initiatives. We want to help achieve the objectives of the National Strategy for Financial Inclusion, which aims to reach a financial inclusion rate of 60% in Côte d'Ivoire by 2024," said Jamelino Akogbeto, West and Central Africa Director at AfricaNenda.

The training workshop provided an opportunity for the various stakeholders from the Côte d'Ivoire financial and digital ecosystem to learn more about the challenges and key principles of designing and implementing instant and inclusive payment systems.

The meeting also served as a platform to discuss the various challenges and possibilities associated with digital payments in Côte d'Ivoire. Among other things, participants highlighted limited connectivity, security and infrastructure risks, the complexity of the customer journey, and the rigidity of regulations as obstacles to the deployment of digital payment methods in Côte d'Ivoire. These various challenges give all stakeholders of the Côte d'Ivoire’s financial and digital ecosystem an opportunity to collaborate to propose sustainable solutions to support efforts in accelerating the use of digital payments.

Participants stressed the need to consider the activities of fintech companies in the regulation for greater inclusiveness. The approach required to implement an instant and inclusive payment system requires an adapted regulation that gives special consideration to the private sector. The various stakeholders welcomed the Ivorian authorities' consideration of this aspect as a priority area under the 2019–2024 National Strategy for Financial Inclusion.

"Nowadays, fintech companies are true drivers within the payments ecosystem worldwide. It is therefore crucial that policy and regulatory frameworks consider their existence and realities to ensure they can contribute fully to financial inclusion," said Daniel Ahouassa, a member of CIFA's Executive Board.

The participants unanimously requested a roadmap to ensure that the various suggestions from the discussions do not turn into hot air. This will facilitate AfricaNenda's collaboration with the financial and digital ecosystem in Côte d'Ivoire to define solutions that address national priorities for financial inclusion.

"This workshop was a real opportunity for all public and private actors to harmonize their views on how to implement an optimal digital payment system. We intend to work with AfricaNenda to ensure that specific actions can be implemented in line with the discussions," concluded Daniel Beke, representative of the Executive Director of the Côte d’Ivoire Bankers’ Association.


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