Cote d'Ivoire
Most of the people in Cote d'ivoire use cash. The GDP of the country is 27 billion dollars. Population is 27 million people. Ivory Coast, just a few customers have bank cards.This reluctance can also be explained by the fact that Ivorians prefer to place their savings or investments in systems that offer better returns. Currently, there is little incentive to open and manage a bank account for a number of reasons, notably costly transport to get to a bank, lost time standing in line, and expensive bank transaction fees. Moreover, possessing a bank account does not guarantee access to credit, as Ivorian banks prefer to deal with large businesses, purchase government securities, or build liquidity reserves. Ivorians mostly pay by Orange Money, Wave, MTN and other phone payment apps. They still have a fee in there but its much lower than in regular bank.
Top banks
Cote d'Ivoire has several banks operating in the country, including both domestic and international banks. Some of the most prominent banks in Cote d'Ivoire include:
Societe Generale de Banques en Cote d'Ivoire SGBCI
Societe Generale de Banques en Cote d'Ivoire (SGBCI): SGBCI is a subsidiary of the Societe Generale Group and is one of the largest banks in Cote d'Ivoire.
Ecobank Cote d'Ivoire
Ecobank Cote d'Ivoire: Ecobank is a pan-African banking group with a strong presence in Cote d'Ivoire. It offers a range of banking services, including personal and business banking, mobile banking, and e-commerce.
Banque Atlantique Cote d'Ivoire
Banque Atlantique Cote d'Ivoire: Banque Atlantique is a subsidiary of the Moroccan banking group Banque Centrale Populaire (BCP). It offers a range of banking services, including savings accounts, loans, and credit cards.
Standard Chartered Bank Cote d'Ivoire
Standard Chartered Bank Cote d'Ivoire: Standard Chartered Bank is a British multinational banking and financial services company that operates in Cote d'Ivoire. It offers a range of banking services, including personal and business banking, wealth management, and Islamic banking.
NSIA Bank Côte d'Ivoire
NSIA Bank Côte d'Ivoire: NSIA Bank is a West African banking group with a strong presence in Cote d'Ivoire. It offers a range of banking services, including personal and business banking, insurance, and asset management.
Top payment methods
Orange Money
Orange Money - Subscription is free, at any point of sale displaying the Orange Money signage. Customers complete a subscription form and present ID. To credit their account, users can deposit cash at an Orange Money point of sale, receive money transferred by another user or have their salary paid directly into their account (depending on the country).Customers access the service directly from their phone, using a USSD menu. Through this menu they can check their balance, change their password and carry out all the transactions offered by the operator. These transactions are all protected by a four digit password chosen by the user. The main services are cash deposits and withdrawals, domestic and international transfers, and bill payments (water, electricity, TV, telephone, school fees).[13] Professionals (companies and freelancers) can also receive payments via Orange Money, once they have opened a specific "commercial account".
Wave
Wave - no account fees, instantly available, and accepted everywhere. In places where electricity, water and roads don't always work, you can still send money with Wave. With Wave you can: deposit & withdraw money for FREE, send money for anyone for only 1%, pay your bills for free.
MTN Cote d'Ivoire
MTN Cote d'Ivoire is the second-biggest player in the country with 34.3% of the mobile market. MTN Mobile Money is a secure electronic service that enables MTN Mobile Money wallet holders to store funds, send and receive money, make payments and do a number of other transactions simply using their mobile phone. MTN Côte d'Ivoire's subscribers can use the APaym apps without internet data. The solution also has a USSD code that enables use on feature phones.
APaym
APaym – an application that allows merchants to accept all types of bank payments. Using its Android and iOS apps, users have to create their APaym accounts and add funds to their accounts via bank cards or mobile money to access its various services. Once they fund their APaym wallets, they can for instance pay their bills without bank cards. All they have to do is to scan the merchant's QR code and the bill will automatically be settled even if the merchant's bank is different from the buyer's.Thanks to APaym, users can also make fee-free card-to-card transactions, and send funds directly into bank accounts in Africa, Europe, and Asia. They can also send funds to mobile money accounts in Africa or make express transfers (Express Union and Wari).
NeoSurf
As well, there are available NeoSurf. NeoSurf is a prepaid payment method that allows users to make online payments without the need for a bank account or credit card that you can buy with cash.
Concluding remarks
Cash
Cash is still the most widely used payment method in the country, particularly in rural areas.Mobile money: Mobile money is a popular payment method in Cote d'Ivoire, with several mobile network operators like Orange Money, MTN, Wave, APaym.
Mobile money
Mobile money allows users to send and receive money, pay bills, and make purchases using their mobile phones.
Prepaid payment method
Prepaid payment method NeoSurf. Buy with cash and make online payments without the need for a bank account.
Credit and debit cards
Credit and debit cards: banks prefer to deal with large businesses, purchase government securities, or build liquidity reserves. Not many Ivorians use it due to high fees.
Online payment platforms
Online payment platforms such as PayPal and Stripe are also available in Cote d'Ivoire, although their usage is limited compared to other payment methods.
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