Page 5 - MMU_Cote_dIvoire_Turnaround_Story
P. 5
Mobile Money in Côte d’ivoire: A turnAround story 4
Changes in market conditions
the most obvious external factor driving the adoption of mobile money was the country’s
return to civil peace and economic recovery in 2012. A decade of political crisis culminated in
7
2010 when two candidates both claimed to have won the presidential election, triggering a
national conflict that weakened the economy and left the population vulnerable.
in the course of one week in February 2011, four banks suspended operations, creating a major
money shortage. Public distrust of the financial system deepened, and was aimed at all types
8
of financial service providers, including mobile money providers. the limited presence of
banks, especially in rural areas, also made liquidity management more difficult and limited the
ability of mobile money agents to provide cash-out services. However, a return to civil peace
has helped to restart the economy. Mobile money providers in Côte d’ivoire agree that the
post-election crisis had a negative impact on their services and attribute the uptake of mobile
money in 2012 in large part to the country’s economic recovery.
the uptake of mobile money in Côte d’ivoire is not just the result of newfound stability, however.
over the last couple of years, mobile money providers have been using new and effective tactics
to increase mobile money usage.
7. “the state of Financial inclusion in ivory Coast in the Aftermath of the Crisis”, Microfinance information exchange (december 2013). Available at
http://www.themix.org/publications/mix-microfinance-world/2013/12/state-financial-inclusion-ivory-coast-aftermath-crisis
8. “ivory Coast’s Gbagbo seizes 4 international banks”, bloomberg (18 February 2011).
Available at http://www.businessweek.com/ap/financialnews/d9lF3du80.htm
Changes in market conditions
the most obvious external factor driving the adoption of mobile money was the country’s
return to civil peace and economic recovery in 2012. A decade of political crisis culminated in
7
2010 when two candidates both claimed to have won the presidential election, triggering a
national conflict that weakened the economy and left the population vulnerable.
in the course of one week in February 2011, four banks suspended operations, creating a major
money shortage. Public distrust of the financial system deepened, and was aimed at all types
8
of financial service providers, including mobile money providers. the limited presence of
banks, especially in rural areas, also made liquidity management more difficult and limited the
ability of mobile money agents to provide cash-out services. However, a return to civil peace
has helped to restart the economy. Mobile money providers in Côte d’ivoire agree that the
post-election crisis had a negative impact on their services and attribute the uptake of mobile
money in 2012 in large part to the country’s economic recovery.
the uptake of mobile money in Côte d’ivoire is not just the result of newfound stability, however.
over the last couple of years, mobile money providers have been using new and effective tactics
to increase mobile money usage.
7. “the state of Financial inclusion in ivory Coast in the Aftermath of the Crisis”, Microfinance information exchange (december 2013). Available at
http://www.themix.org/publications/mix-microfinance-world/2013/12/state-financial-inclusion-ivory-coast-aftermath-crisis
8. “ivory Coast’s Gbagbo seizes 4 international banks”, bloomberg (18 February 2011).
Available at http://www.businessweek.com/ap/financialnews/d9lF3du80.htm
