Ivory Coast: A confirmed banking leadership within the UEMOA (West African Economic and Monetary Union)

In the West African banking arena, Côte d'Ivoire stands out as the central player, accounting for more than half of the leading institutions in the Union. According to the latest statistics from the Central Bank of West African States (BCEAO), out of the 21 institutions in the West African Economic and Monetary Union (UEMOA) with total assets exceeding 1,000 billion FCFA (approximately 1.8 billion dollars), 11 operate from Abidjan. This figure represents 52% of the major regional banks and 40% of the 28 institutions present in the Ivorian market, reflecting the economic weight and depth of the national financial system.

At the Union level, Senegal ranks second, but at a considerable distance, with four institutions, all with foreign capital (CBAO, Société Générale, Ecobank, and BIS). Burkina Faso follows with three major banks, led by Coris Bank International, a local flagship with total assets exceeding 2,500 billion FCFA. Mali has two institutions of this size, fully owned by national capital, while Benin rounds out the list with a single representative, BIIC, which was recently listed on the Regional Stock Exchange (BRVM).

In Côte d'Ivoire, Société Générale maintains its position as the regional leader with total assets of 3,615 billion FCFA. However, the banking landscape is gradually reshaping with the rise of national champions such as NSIA Bank, the National Investment Bank (BNI), BICICI, and Bridge Bank Group. This rise of local capital in the face of historical international groups reflects a strategic rebalancing and a dynamism unique to the Ivorian market.

This concentration of leading financial institutions gives Côte d'Ivoire a strategic role in the stability and competitiveness of the West African banking system. Driven by the vitality of its economy, the expansion of its market, and the attractiveness of its business environment, the Ivorian banking sector appears as a structuring hub of the UEMOA, poised to further enhance its influence in the coming years.

Source: Sika finance, MEPD Web Portal Editorial Team